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
Gold Price Forecast: XAU/USD keeps looking for direction above $4,500Gold (XAU/USD) trades lower for the second consecutive day on Friday, but remains contained within previous ranges, with downside attempts limited above the $4,500 line for now.
Author  FXStreet
7 hours ago
Gold (XAU/USD) trades lower for the second consecutive day on Friday, but remains contained within previous ranges, with downside attempts limited above the $4,500 line for now.
placeholder
US President Donald Trump will swear in Kevin Warsh on Friday to lead FedThe US President Donald Trump administration said that Trump will swear in Kevin Warsh as ‌the chair of the US Federal Reserve (Fed) on Friday at the White House, Reuters reported on Thursday.
Author  FXStreet
17 hours ago
The US President Donald Trump administration said that Trump will swear in Kevin Warsh as ‌the chair of the US Federal Reserve (Fed) on Friday at the White House, Reuters reported on Thursday.
placeholder
Nvidia Q1 Revenue Surges 85%, Data Center Business Accounts for 90%, Blowout Results Fail to Stop Stock VolatilityAs the absolute leader in the global AI industry chain, NVIDIA ( NVDA) delivered a quarterly earnings report that surpassed Wall Street's general expectations as anticipated.After the mar
Author  TradingKey
Yesterday 09: 55
As the absolute leader in the global AI industry chain, NVIDIA ( NVDA) delivered a quarterly earnings report that surpassed Wall Street's general expectations as anticipated.After the mar
placeholder
Is US-Iran Conflict About to End? Crude Oil Plummets, Gold Hits $4,500Tensions between the US and Iran showed clear signs of easing on Wednesday (May 20), leading to a plunge in the crude oil market while gold ( XAUUSD) continued its rally.WTI crude oil dai
Author  TradingKey
Yesterday 06: 16
Tensions between the US and Iran showed clear signs of easing on Wednesday (May 20), leading to a plunge in the crude oil market while gold ( XAUUSD) continued its rally.WTI crude oil dai
placeholder
Gold holds steady near $4,550 as market eyes Middle East developmentsGold price (XAU/USD) trades on a flat note around $4,540 during the early Asian session on Thursday. Traders continue to assess the developments surrounding stalled US-Iran peace negotiations and threats to the Strait of Hormuz.
Author  FXStreet
Yesterday 02: 03
Gold price (XAU/USD) trades on a flat note around $4,540 during the early Asian session on Thursday. Traders continue to assess the developments surrounding stalled US-Iran peace negotiations and threats to the Strait of Hormuz.
goTop
quote