news 
Coinbase Secures Win Against BiT Global in Lawsuit Over Wrapped Bitcoin
In a recent court decision, Coinbase has emerged victorious in its lawsuit against BiT Global over the planned delisting of wrapped Bitcoin (wBTC) from its trading platform. This development comes after BiT Global sought a temporary restraining order (TRO) to prevent the delisting, which was ultimately denied by the court.
Paul Grewal, Coinbase’s Chief Legal Officer, expressed his satisfaction with the outcome in a statement released on X. “BiT Global lost,” he wrote. “Today they asked the Court to order us to stop from delisting wBTC to protect our customers. Today the Court said no.” He also acknowledged the legal team at Wilmer Hale, led by Sonal Mehta, for their dedicated advocacy.
The dispute began after Coinbase announced the suspension of wBTC trading on November 19, citing compliance concerns following BitGo’s joint venture with BiT Global and Justin Sun. The exchange claimed that the partnership prompted a review, resulting in the conclusion that wBTC no longer aligns with its standards, presenting an “unacceptable risk to its customers and the integrity of its exchange.”
In court filings, Coinbase emphasized its stringent asset evaluation process. It argued that if it were compelled to support assets that pose potential risks, “the trust Coinbase has expended immeasurable effort earning will be degraded and its reputation will be put at serious risk.”
Source: www.cryptonewsz.com
