Token

Wrapped Bitcoin

DeFi

Billion

<ul class="wp-block-list">
 <li>BitGlobal claims Coinbase delisted WBTC to push its token cbBTC, alleging predatory tactics and market monopoly attempts.</li>  
 <li>WBTC’s circulation dropped 5% after Coinbase’s delisting announcement, impacting traders relying on it for Ethereum-based DeFi platforms.</li>  
 <li>Coinbase faces scrutiny over token listings, delisting stablecoins like USDT in Europe while favoring MiCA-compliant assets like USDC.</li> 
</ul>  
<p>BitGlobal, headed by Tron founder Justin Sun, has filed a $1 billion lawsuit against Coinbase, alleging <a href="https://x.com/justinsuntron/status/1867783580652277874" target="_blank" rel="noopener noreferrer nofollow">antitrust</a> violations related to the delisting of Wrapped Bitcoin (WBTC). The lawsuit claims Coinbase removed WBTC to promote its competing token, cbBTC, launched in September. BitGlobal, a custodian of WBTC, accused the exchange of predatory tactics aimed at monopolizing the wrapped Bitcoin market.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/BSCNews/status/1867649215117324309
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<h2 class="wp-block-heading" id="delisting-sparks-allegations-of-unfair-competition">Delisting Sparks Allegations of Unfair Competition</h2>  
<p>In November, Coinbase announced plans to delist WBTC, the 18th largest cryptocurrency with a $13.7 billion market cap. The decision, set to take effect on December 19, was attributed to the token no longer meeting the exchange’s listing standards.&nbsp;</p>  
<p>BitGlobal argues this reasoning contradicts Coinbase’s approval of speculative meme coins, such as <a href="https://cryptofrontnews.com/pepe-breaks-out-with-bullish-momentum-analysts-predict-massive-price-upside/" rel="noopener noreferrer nofollow">$PEPE and $MOG</a>. The lawsuit alleges that the real motivation was to eliminate competition for cbBTC, giving Coinbase an unfair advantage in the market.</p>  
<p>BitGlobal further claims Coinbase's actions led to a 5% drop in WBTC circulation within two weeks. This decline reportedly disrupted traders who rely on WBTC to access Ethereum-based decentralized finance (DeFi) platforms. The custodian stated that these actions violated both federal and state laws, causing significant financial harm.</p>  
<h2 class="wp-block-heading" id="wbtc-delisting-draws-criticism-amid-wider-token-review">WBTC Delisting Draws Criticism Amid Wider Token Review</h2>  
<p>Wrapped Bitcoin, an ERC-20 token launched in 2018, allows Bitcoin to be used across <a href="https://cryptofrontnews.com/ethervista-tops-ethereum-gas-fees-with-150-eth-burned-in-24-hours-amid-rising-trading-activity/" rel="noopener noreferrer nofollow">Ethereum-based platforms</a>. The delisting decision faced criticism from the WBTC team, who called out the lack of prior consultation. BitGlobal’s lawsuit emphasized the token’s role in DeFi, arguing Coinbase’s move was a calculated attempt to dominate this functionality.</p>  
<p>Coinbase’s chief legal officer, Paul Grewal, responded publicly on X, asserting the exchange’s commitment to listing standards. Grewal stated Coinbase evaluates assets rigorously, adding that WBTC no longer met those criteria.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/iampaulgrewal/status/1867706503496708260
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<h2 class="wp-block-heading" id="coinbase-faces-broader-scrutiny-over-token-listings">Coinbase Faces Broader Scrutiny Over Token Listings</h2>  
<p>This lawsuit comes as Coinbase reviews its <a href="https://cryptofrontnews.com/floki-debit-card-launches-in-europe-offering-zero-fees-and-crypto-payment-ease/" rel="noopener noreferrer nofollow">token offerings in Europe</a>. Recently, the exchange announced plans to delist stablecoins like Tether’s USDT, citing non-compliance with MiCA regulations. However, Coinbase continues to support fully compliant assets, including Circle’s USDC and EUR Coin (EURC).</p>

BitGlobal Files $1 Billion Lawsuit Against Coinbase Over WBTC Delisting

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