Coinbase to Delist Wrapped Bitcoin

On Tuesday, Coinbase announced that it will be halting trading of wrapped Bitcoin (wBTC) next month. wBTC is a tokenized version of BTC that is traded on Ethereum and other blockchains.

In a statement, Coinbase explained that they regularly review the assets on their exchange to ensure they meet their listing standards. Based on their most recent review, wBTC trading will be suspended on December 19, 2024, around 12pm ET.

The wBTC order books have been moved to limit-only mode, meaning that only limit orders can be placed and canceled, and matches may still occur. However, users will still be able to withdraw their wBTC tokens even after it is delisted from the exchange.

This decision was made as TRON founder Justin Sun assumes a greater role in the wBTC protocol after BitGo, the primary wBTC custodian, entered into a joint venture with BiTGlobal. wBTC, which was launched in January 2019, plays a significant role in providing Bitcoin liquidity in the wider crypto ecosystem.

It is backed one-to-one by Bitcoin and closely tracks its price, with a current market capitalization of over $13.6 billion.