Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

BiT Global slams Coinbase with $1 billion lawsuit over delisting of WBTC

Source Fxstreet

BiT Global filed a lawsuit against crypto exchange Coinbase over its suspension of the WBTC token.
BiT Global has requested $1 billion in damages over losses the delisting could cause.
Coinbase's European arm announced that it would delist USDT and other stablecoins that are non-compliant with MiCA laws.

In a lawsuit filed on Friday, BiT Global, headed by Tron founder Justin Sun, charged Coinbase exchange for violating antitrust laws after it delisted the Wrapped Bitcoin (WBTC) token from its platforms and requested $1 billion in damages.

Coinbase receives $1 billion lawsuit from Justin Sun's BiT Global

BiT Global filed a $1 billion lawsuit against Coinbase, alleging that the exchange unfairly delisted Wrapped Bitcoin (WBTC) to promote its competing product, cbBTC. This comes just a few days after the token's suspension across all Coinbase platforms.

Wrapped Bitcoin (WBTC) is an ERC-20 token launched on the Ethereum blockchain in 2018. It is backed 1:1 by Bitcoin, allowing users to leverage Bitcoin's liquidity on Ethereum and other blockchain ecosystems.

The lawsuit, initiated on Friday, claims that Coinbase's reason for delisting WBTC — which it tied to listing standards— is contradicted by its recent approval of several meme coins.

BiT Global stated that WBTC's delisting wasn't due to listing standards but because Coinbase "coveted its market share and wanted it for itself."

They argued that this action violates antitrust laws and seeks damages for the significant financial losses incurred.

Coinbase announced in November that it would suspend WBTC trading on its platform on December 19, citing that the decision came from a careful review. Before the announcement, WBTC had been trading on the exchange for years.

The WBTC team responded sharply to the announcement from Coinbase, expressing their displeasure at the suddenness of the decision.

Meanwhile, Coinbase's European division announced it will delist Tether's USDT and other stablecoins that it believes do not comply with the Market in Crypto Assets (MiCA) regulations governing cryptocurrencies in Europe.

In a Wednesday broadcast to its European users, the exchange stated it would cease support for six stablecoins, including PAX, PYUSD, GUSD, GYEN, DAI and USDT.

Likewise, it would continue to support EUR Coin (EURC) and Circle's USDC, which are fully compliant with MiCA laws.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

Sep 15, Tue

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Sep 15, Tue

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

19 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

19 hours ago

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Popular Symbols