Ethereum

United

Wrapped Bitcoin

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bit-global-files-lawsuit-against-coinbase-over-wbtc-delisting/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BiT Global Files Lawsuit Against Coinbase Over wBTC Delisting</a> 
BiT Global has initiated legal action against <a href="https://en.coin-turk.com/sec-proposes-registration-requirement-for-large-dex-liquidity-positions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase</a>, a leading <a href="https://en.coin-turk.com/the-future-of-cryptocurrencies-what-lies-ahead/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange based in the United States, over the delisting of Wrapped Bitcoin (wBTC). Following Coinbase’s decision to remove wBTC from its platform in November, BiT Global challenged this move through legal means.
<h2 id="reasons-for-the-lawsuit">Reasons for the Lawsuit</h2>
In its new complaint, BiT Global accuses Coinbase of using wBTC for “cash grabbing” and ultimately replacing it with its own version, cbBTC. The company asserts that Coinbase has taken steps to stifle competition while emphasizing that wBTC serves as a tokenized representation of Bitcoin on the Ethereum blockchain.
BiT Global claims that Coinbase’s delisting of wBTC violates U.S. trade laws, alleging market monopolization and intentional devaluation of wBTC. Additionally, it pointed out that similar tactics have been previously employed by tech giants like Microsoft, Google, and Facebook against their competitors.
<blockquote>
 BiT Global stated, “Coinbase attempted to realize monopolization through unfair competition practices.”
</blockquote>
<h2 id="industry-and-market-implications">Industry and Market Implications</h2>
This lawsuit has caused significant reverberations in the cryptocurrency markets. The delisting of competitors and the launch of proprietary products have reignited debates over fair competition in the industry. Experts warn that such actions could adversely affect investor confidence.
BiT Global contends that Coinbase has abused its dominant market position and employed deliberate strategies to devalue wBTC. The company argues that these actions have harmed the cryptocurrency ecosystem.
As the legal proceedings unfold, the regulatory response to <a href="https://en.coin-turk.com/floki-controversy-tokenfi-listing-raises-concerns-among-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency exchanges</a> and digital assets remains a pressing topic. Users and market participants are keenly observing how such legal battles will influence market dynamics.
Other companies operating in the cryptocurrency space are also being closely scrutinized for similar strategies. This lawsuit could reshape the competitive landscape and regulatory requirements within the industry.
BiT Global’s lawsuit serves as a significant example of competition policies and market dominance issues faced by cryptocurrency exchanges. This process may provide guidance for resolving similar disputes in the future.
The post <a href="https://en.coin-turk.com/bit-global-files-lawsuit-against-coinbase-over-wbtc-delisting/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BiT Global Files Lawsuit Against Coinbase Over wBTC Delisting</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

BiT Global Files Lawsuit Against Coinbase Over wBTC Delisting

Table of Contents

COINTURK NEWS

Other articles published on Dec 14, 2024

Crypto Investment Products Shatter Weekly Inflows Record with $3.85B

UAE AI digital bank Zand receives crypto custody license

Happy Cat, Hyperliquid, Virtuals lead as Bitcoin steadies above $100k

Best Cryptos to Buy for 2025: Qubetics’ dVPN Security, XRP’s Payment Dominance, and Celestia’s Mo...

Bitcoin Price Prediction Today (14th Dec 2024)!

BiT Global Sues Coinbase Over Wrapped Bitcoin Delisting Drama

Join our free newsletter for daily crypto updates!