Coinbase Faces a Lawsuit for Delisting wBTC

Popular US-based cryptocurrency exchange Coinbase introduced a new token, Coinbase Wrapped BTC (cbBTC), a few months ago.

In November, the exchange announced that it planned to remove the competitor token, wBTC, from all of its platforms in December. However, this decision has been met with backlash from some individuals.

On December 13, 2024, cryptocurrency company BiT Global filed a lawsuit against Coinbase, seeking $1 billion. The lawsuit alleges that Coinbase unfairly delisted wBTC to promote its own cbBTC.

According to BiT Global, this move was made to eliminate competition for cbBTC, which has been gaining popularity since its launch in September. Coinbase’s reasoning for delisting wBTC was that it no longer met their listing standards.

However, BiT Global disagrees, stating that wBTC is just as qualified as other tokens listed on the exchange, such as PEPE and WIF. The lawsuit argues that this action goes against antitrust laws and hinders fair competition.