Coinbase To Delist WBTC After Judge Gives Thumbs Up
Coinbase announced in November that it would delist WBTC on December 19, after the token became affiliated with Tron founder Justin Sun.
Coinbase and Bit Global Clash in Court Over WBTC DelistingCalifornia judge Araceli Martínez-Olguín gave crypto exchange Coinbase the green light to delist wrapped bitcoin (WBTC) despite attempts by digital asset custodian Bit Global to force Coinbase to continue offering the asset.
Lawyers representing the two firms sparred during a webinar on Wednesday before Martínez-Olguín delivered her ruling in favor of Coinbase.
After announcing its intention to delist WBTC in November, Coinbase was sued on Friday for $1 billion by Bit Global on antitrust grounds. Bit Global sought a temporary restraining order (TRO) from the courts to prevent the exchange from delisting the token, claiming “irreparable injury” and “harm” from Coinbase’s actions.
But during Wednesday’s court hearing, Bit Global’s lawyer – who appeared flustered at times, even stating, “I don’t want to be a blowhard,” – was unable to convince a visibly frustrated Martínez-Olguín to issue a TRO, allowing Coinbase to proceed with WBTC’s delisting, although Bit Global is free to present a stronger case for consideration in the future.
“At this juncture I will not issue a TRO,” Martínez-Olguín said. “I will not stop Coinbase from delisting WBTC.”
“If, Mr. Covey, you have more evidence, we can revisit this, but that’s my ruling today,” she added, referencing Bit Global’s lawyer, Cyclone Covey.
The decision is the latest chapter in the wrapped bitcoin (WBTC) delisting saga that began in August when WBTC custodian Bitgo announced a partnership with Bit Global, a company partly owned by infamous Tron Network founder Justin Sun.
Sun has been dogged by multiple allegations of fraud and market manipulation and is considered a questionable character by many in the crypto community.
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