Kevin Kneupper, an attorney representing BiT Global, emphasized the broader implications of the case: “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?”
Coinbase Defends Actions
Coinbase announced the delisting on Nov. 19, citing undisclosed failures of wBTC to meet its listing standards. The exchange defended its decision, stating, “We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC on Dec. 19, 2024, on or around 12 pm ET.”
BiT Global, which has been a joint custodian of wBTC’s Bitcoin reserves since August alongside crypto firm BitGo, argues that Coinbase’s actions eroded consumer confidence and inflicted significant financial losses.
