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.
placeholder
Ignoring Strategy Reduction Warning, Bitcoin Nears $82,000, Hitting Highest Price Since FebruaryTradingKey - Bitcoin prices continue to surge toward $82,000; however, will MicroStrategy's sell signal trigger a Bitcoin price crash?On May 6, although the largest Bitcoin holder, MicroStrategy ( MST
Author  TradingKey
10 hours ago
TradingKey - Bitcoin prices continue to surge toward $82,000; however, will MicroStrategy's sell signal trigger a Bitcoin price crash?On May 6, although the largest Bitcoin holder, MicroStrategy ( MST
placeholder
WTI slumps to near $97.50 as Trump pauses Hormuz operationWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $97.50 during the early Asian trading hours on Wednesday. The WTI price falls amid easing tensions in the Middle East.
Author  FXStreet
17 hours ago
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $97.50 during the early Asian trading hours on Wednesday. The WTI price falls amid easing tensions in the Middle East.
placeholder
WTI Oil pulls back as Hormuz supply worries ease, Iran-US tensions keep volatility highWest Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.
Author  FXStreet
Yesterday 10: 32
West Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.
placeholder
Crypto Overview: Toncoin, Terra Classic rise by double digits as Bitcoin grips $80,000Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.
Author  FXStreet
Yesterday 09: 01
Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.
placeholder
Australian Dollar holds losses ahead of RBA policy decisionAUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.
Author  FXStreet
Yesterday 01: 34
AUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.
goTop
quote