Coinbase Secures Victory Over BiT Global in Lawsuit Involving Wrapped Bitcoin Delisting
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Coinbase Secures Win Against BiT Global in Lawsuit Over Wrapped Bitcoin
In a recent legal development, Coinbase has emerged victorious against BiT Global in their lawsuit over the planned delisting of wrapped Bitcoin (wBTC) from its trading platform. The dispute gained significant attention after BiT Global requested a temporary restraining order (TRO) to prevent the delisting, a request that was ultimately denied by the court.
According to reports, Coinbase’s Chief Legal Officer, Paul Grewal, expressed satisfaction with the outcome in a statement shared on X. He noted that BiT Global lost their bid to force the exchange to continue listing wBTC, stating “BiT Global lost. Today they asked the Court to order us to stop from delisting wBTC to protect our customers. Today the Court said no.” Grewal also extended his gratitude to the legal team at Wilmer Hale, led by Sonal Mehta, for their advocacy in this matter.
The controversy 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 justified its decision, stating that it had to review its asset list and suspend any assets that no longer align with its standards, posing an “unacceptable risk” to its customers and the integrity of its platform.
Coinbase emphasized that it has a rigorous process for evaluating digital assets, which includes ensuring compliance with all relevant regulations. The company argued that if forced to support assets that could potentially put its users at risk, it would undermine trust in the platform, causing irreparable damage to its reputation.
Source: www.cryptonewsz.com
