Photo: Iryna Budanova via Adobe StockCoinbase Hit With Antitrust Suit That Seeks to Change How Crypto Exchanges Operate
"This complaint is touching on things that have happened in the traditional tech space, but not the crypto space yet," said Kevin Kneupper, a partner at Kneupper & Covey.
December 13, 2024 at 04:31 PM
3 minute read
What You Need to Know
- BiT Global filed an antitrust suit seeking to change how crypto exchanges operate against Coinbase.
- The complaint targeted Coinbase's plans to delist the largest wrapped bitcoin token, wBTC.
- In the lawsuit, BiT Global alleged that Coinbase launched a competing product, cbBTC, in September and, shortly thereafter, announced the delisting of wBTC from its platform, thereby eliminating a major competitor.
BiT Global Digital Ltd. filed an antitrust and unfair competition lawsuit in the U.S. District Court for the Northern District of California on Friday against Coinbase Global Inc., which seeks to change the standards for how cryptocurrency exchanges operate.
Kevin Kneupper and A. Cyclone Covey, partners at Kneupper & Covey in Huntington Beach, California, represent the plaintiff, BiT Global, in its complaint against the defendant, Coinbase, over plans to delist the largest wrapped Bitcoin token, wBTC, in a "predatory and unfair" move that "violates both federal and state law."
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