Token

Wrapped Bitcoin

cbBTC

Billion

<ul class="wp-block-list">
 <li>Coinbase defends delisting wBTC and says it follows strict token listing standards amid a $1B lawsuit.</li>  
 <li>BiT Global accuses Coinbase of removing wBTC to promote its own cbBTC in an antitrust lawsuit.</li>  
 <li>Industry leaders question Coinbase’s transparency after a lawsuit over wBTC delisting and conflicting statements.</li> 
</ul>  
<p>Coinbase has responded to the $1 billion lawsuit filed by BiT Global Digital, defending its token listing practices. The <a href="https://cryptonewsland.com/coinbase-faces-1-billion-lawsuit-over-wbtc-delisting/" rel="noopener noreferrer nofollow">lawsuit</a> accuses the exchange of anticompetitive behavior for delisting Wrapped Bitcoin (wBTC) in favor of its own Coinbase BTC (cbBTC).&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="h-coinbase-reaffirms-its-listing-standards-nbsp"><strong>Coinbase Reaffirms Its Listing Standards </strong>&nbsp;</h2>  
<p>After the lawsuit was filed, Coinbase’s chief legal officer <a href="https://x.com/iampaulgrewal/status/1867706503496708260" rel="noopener noreferrer nofollow">emphasized</a> that the exchange follows strict listing standards. He explained that Coinbase delists assets that no longer meet these criteria. The company aims to ensure that only compliant tokens remain on its platform.&nbsp;</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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</figure>  
<p>BiT Global argues that Coinbase’s delisting of wBTC was aimed at boosting cbBTC. The company claims that the removal of wBTC harmed the market and unfairly promoted Coinbase’s competing token. According to the lawsuit, this move violated antitrust laws.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="h-allegations-of-market-manipulation-nbsp-nbsp"><strong>Allegations of Market Manipulation&nbsp;&nbsp;</strong></h2>  
<p>The lawsuit further accuses Coinbase of monopolizing the wrapped Bitcoin market. BiT Global claims that Coinbase intentionally issued false statements about wBTC’s compliance. These actions, the lawsuit suggests, were designed to steer market share toward cbBTC.&nbsp;&nbsp;</p>  
<p>The timing of the delisting is also central to the claims. <a href="https://bitgc.io/" rel="noopener noreferrer nofollow">BiT Global</a> points out that Coinbase revealed its plans for cbBTC shortly before removing wBTC from its exchange. This, they argue, was a deliberate move to enhance cbBTC’s position in the market.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="h-industry-reactions-to-coinbase-s-defense-nbsp"><strong>Industry Reactions to Coinbase’s Defense </strong>&nbsp;</h2>  
<p>Coinbase’s response has drawn criticism from several industry leaders. They question whether the company’s actions align with its earlier promises of fair competition.&nbsp;</p>  
<p>Some have also pointed out that Coinbase continues to list new memecoins while challenging the compliance of wBTC. These criticisms have fueled concerns about Coinbase’s transparency and market practices.&nbsp;&nbsp;</p>  
<p>The lawsuit is now being heard in the U.S. District Court for the Northern District of California. If successful, the lawsuit could significantly impact Coinbase’s token listing practices and reputation in the industry.</p> 
<p>The post <a href="https://cryptonewsland.com/coinbase-defends-token-delisting-practices-amid-1-billion-lawsuit/" rel="noopener noreferrer nofollow">Coinbase Defends Token Delisting Practices Amid $1 Billion Lawsuit Over wBTC Removal</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Coinbase Defends Token Delisting Practices Amid $1 Billion Lawsuit Over wBTC Removal

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