Monitors display Coinbase signage during the company's initial public offering at the Nasdaq MarketSite in New York in 2021. Photo: Michael Nagle/BloombergCoinbase Justifies wBTC Delisting by Pointing to Justin Sun Connection
“We've filed our response to BiT Global’s effort to stop our delisting of wBTC before any discovery or even formal response to their bogus claims,” Paul Grewal, the chief legal office of Coinbase, said on X.
December 17, 2024 at 06:40 PM
4 minute read
What You Need to Know
- BiT Global Digital Ltd. filed a complaint against Coinbase for delisting the largest wrapped bitcoin token, wBTC, from its trading platform.
- Coinbase said it delisted wBTC from its exchange due to the “unacceptable risk that control of wBTC would fall into the hands of Justin Sun.”
- Sun, the founder of the TRON cryptocurrency, was charged with fraud and securities violations by the U.S. Securities and Exchange Commission in March 2023.
In a case that could limit the discretion of cryptocurrency exchanges’ ability to independently determine which assets they list, Coinbase Global Inc. has fired back at a complaint on Tuesday filed by BiT Global Digital Ltd. in a federal district court in San Francisco over its decision to delist the largest wrapped bitcoin token, wBTC, from its trading platform.
“We've filed our response to BiT Global’s effort to stop our delisting of wBTC before any discovery or even formal response to their bogus claims,” Paul Grewal, the chief legal officer of Coinbase, said on X. “We lay out why this lawsuit lacks any semblance of merit and why their request for a [temporary restraining order] should be denied.”
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