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Home»Taxes & Regulation»Coinbase seeks dismissal of BiT Global lawsuit over wBTC delisting
Taxes & Regulation

Coinbase seeks dismissal of BiT Global lawsuit over wBTC delisting

January 23, 2025No Comments2 Mins Read
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Coinbase is taking a stand against a lawsuit filed by BiT Global challenging its decision to delist Wrapped Bitcoin (wBTC). The exchange recently filed a motion to dismiss the lawsuit, following a previous legal attempt by BiT Global to block the delisting through a court order, which was denied.

The decision to remove wBTC from the platform was made by Coinbase last year due to concerns about its association with Justin Sun, the founder of Tron blockchain. The exchange cited Sun’s alleged history of fraudulent activities and market manipulation as posing significant risks to users.

BiT Global filed a lawsuit to prevent the delisting, claiming it would harm its operations. However, the court denied the request, with Coinbase labeling the lawsuit as baseless.

In its latest filing, Coinbase is seeking the outright dismissal of BiT Global’s claims. The exchange defended its decision to delist wBTC, stating that an extensive internal review process guided the decision. Coinbase argued that BiT Global failed to meet the legal standards for an antitrust claim and that no law compels the exchange to host an asset deemed risky.

The filing also emphasized that BiT Global has not provided evidence that Coinbase made misleading or false statements about wBTC. Coinbase stated that the decision to delist wBTC was made to prevent the risk of control falling into the hands of someone like Justin Sun.

Paul Grewal, Coinbase’s Chief Legal Officer, highlighted the exchange’s responsibility to prioritize customer safety and platform integrity. He reiterated that Coinbase is not obligated to support tokens that compromise security or user trust.

See also  Kraken Seeks Jury Trial in SEC Lawsuit, Presents Defense Arguments

Grewal stated, “No law compels Coinbase to host an asset that carries an unacceptable level of risk due to its connection with someone like Justin Sun. We have every right and responsibility to enforce our policies to ensure a secure and trustworthy trading environment for our users.”

The ongoing legal battle between Coinbase and BiT Global underscores the importance of platform security and user trust in the cryptocurrency industry. Coinbase remains firm in its decision to delist wBTC and is committed to upholding its standards to protect customers and maintain a secure trading environment.

The article has been rewritten and can be seamlessly integrated into a WordPress platform for publication.

Bit Coinbase delisting dismissal global Lawsuit Seeks WBTC
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