China News Daily Official TheBitTimes.com

A US federal judge has allowed Coinbase to delist WBTC despite BiT Global’s objections. Judge Martínez-Olguín denied BiT Global’s TRO, citing lack of evidence of harm. Despite the delisting and Coinbase launching cbBTC, WBTC dominates the wrapped digital assets market with an 85% share. In a pivotal legal decision, a California federal judge has ruled in favour of cryptocurrency exchange Coinbase, allowing it to proceed with the planned delisting of Wrapped Bitcoin (WBTC). The ruling, delivered by Judge Araceli Martínez-Olguín of the US District Court for the Northern District of California, came after a contentious legal battle initiated by BiT Global, a digital asset custodian partly owned by Tron founder Justin Sun. The BiT Global lawsuit against Coinbase for WBTC delisting The dispute began in November 2024 when Coinbase announced its intention to delist WBTC, citing concerns over its association with Justin Sun. ...

Coinbase has announced that it intends to delist Wrapped Bitcoin (wBTC), claiming that as of its “most recent review,” it no longer meets the listing requirements for the exchange. This will go into effect on December 19. This comes after Coinbase launched its own competitor to this token, Coinbase Wrapped Bitcoin (cbBTC), a token that has drawn the ire of Justin Sun, who is now involved in the custody of WBTC. Justin Sun and WBTC The tokenized bitcoin space has seen great upheaval since August when BitGo announced that it was forming a new joint venture with Justin Sun and BiT Global to manage the custody of WBTC . How involved is Justin Sun with WBTC’s new custodian BiT Global? Read more: CHART: The growth of WBTC competitors Sun’s involvement has provoked a great deal of consternation across the industry and led Coinbase and Kraken to launch tokenized competitors. It has also prompted an ill-fated proposal from Threshold Network to acquire...