The post Justin Sun Confronts Coinbase CLO on wBTC Delisting and Legal Battle appeared on BitcoinEthereumNews.com.

Tron founder Justin Sun has recently confronted Coinbase CLO Paul Grewal in a discussion over the delisting of wBTC from crypto exchange Coinbase. The news caught fire when Justin Sun’s BiT Global, which recently took a major stake in the wBTC ecosystem, slapped a lawsuit on Coinbase for the delisting of wrapped Bitcoin. Justin Sun Questions Coinbase on wBTC Delisting Justin Sun’s BiT Global will be suing crypto exchange Coinbase, which decided to delist wrapped Bitcoin (wBTC), and instead launched a competing product cBTC back in September. On November 19, Coinbase announced plans to delist Wrapped Bitcoin (WBTC) starting December 19, 2024, citing a periodic review of its listing standards. However, delisting the largest tokenized version of Bitcoin i.e. wBTC has grabbed the attention. Earlier this year, BiT Global Trust took custodial rights for WBTC. Now it alleges that Coinbase isn’t following its “fair” listing standard and is removing wBTC to weed out competition for its newly launch cBTC. Law firm Kneupper & Covey, representing BiT Global, has filed a lawsuit alleging that Coinbase’s decision to delist Wrapped Bitcoin (WBTC) is anti-competitive and violates multiple state and federal laws. The suit claims the delisting will cause significant harm to BiT Global, which recently assumed custodial responsibilities for WBTC under a new arrangement. In a statement on Friday, attorney Kevin Kneupper said: “We believe this decision sets a terrible precedent for everyone in the cryptocurrency space. If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?” However, Coinbase CLO Paul Grewal has justified the exchange’s actions noting: “When an asset no longer meets our listing standards, we will drop it. When another asset can meet or exceed market requirements without sacrificing those standards, we will list…

---

Filed under: News - @ December 14, 2024 1:17 pm