{"id":43693,"date":"2024-12-19T20:51:58","date_gmt":"2024-12-19T20:51:58","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/court-gives-coinbase-the-green-light-to-delist-wrapped-bitcoin-wbtc\/"},"modified":"2024-12-19T20:51:58","modified_gmt":"2024-12-19T20:51:58","slug":"court-gives-coinbase-the-green-light-to-delist-wrapped-bitcoin-wbtc","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/court-gives-coinbase-the-green-light-to-delist-wrapped-bitcoin-wbtc\/","title":{"rendered":"Court gives Coinbase the green light to delist Wrapped Bitcoin (WBTC)"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Coinbase-allowed-to-delist-WBTC-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Coinbase-allowed-to-delist-WBTC-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Coinbase-allowed-to-delist-WBTC-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/12\/Coinbase-allowed-to-delist-WBTC-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>A US federal judge has allowed Coinbase to delist WBTC despite BiT Global\u2019s objections.<\/li>\n<li>Judge Mart\u00ednez-Olgu\u00edn denied BiT Global\u2019s TRO, citing lack of evidence of harm.<\/li>\n<li>Despite the delisting and Coinbase launching cbBTC, WBTC dominates the wrapped digital assets market with an 85% share.<\/li>\n<\/ul>\n<p>In a pivotal legal decision, a California federal judge has ruled in favour of cryptocurrency exchange Coinbase, allowing it to proceed with the planned delisting of Wrapped Bitcoin (WBTC).<\/p>\n<p>The ruling, delivered by Judge Araceli Mart\u00ednez-Olgu\u00edn of the US District Court for the Northern District of California, came after a contentious legal battle initiated by BiT Global, a digital asset custodian partly owned by Tron founder Justin Sun.<\/p>\n<h2>The BiT Global lawsuit against Coinbase for WBTC delisting<\/h2>\n<p>The dispute began in November 2024 when <a href=\"https:\/\/coinjournal.net\/news\/coinbase-will-delist-wrapped-bitcoin-wbtc-next-month\/\">Coinbase announced its intention to delist WBTC<\/a>, citing concerns over its association with Justin Sun.<\/p>\n<p>Sun, a controversial figure in the crypto space, has faced allegations of fraud and market manipulation.<\/p>\n<p>BiT Global responded by <a href=\"https:\/\/kneuppercovey.com\/wp-content\/uploads\/2024\/12\/Filed-Complaint.pdf\">filing<\/a> a $1 billion lawsuit against Coinbase on antitrust grounds, seeking a temporary restraining order (TRO) to halt the delisting. The firm argued that the move would destabilize WBTC\u2019s market and cause substantial financial harm to investors.<\/p>\n<h2>Temporary restraining order (TRO) declined<\/h2>\n<p>During a virtual hearing on December 18, Judge Mart\u00ednez-Olgu\u00edn denied BiT Global\u2019s request for a TRO, ruling that the company failed to provide sufficient evidence of imminent and irreparable harm. She noted that BiT Global\u2019s delay in filing the lawsuit after Coinbase\u2019s initial announcement weakened its case.<\/p>\n<p>In its <a href=\"https:\/\/assets.ctfassets.net\/c5bd0wqjc7v0\/59OyVZocZqtlU9B2lTEHDr\/fc3854730ce855db79d5111b029122c8\/as-filed_Coinbase_opp.pdf\">defence<\/a>, Coinbase pointed to BiT Global\u2019s refusal to disclose ownership details and concerns about Sun\u2019s influence over the token\u2019s integrity.<\/p>\n<p>While the court left open the possibility for BiT Global to present stronger evidence in the future, the decision effectively cleared the path for Coinbase to delist WBTC as planned on December 19.<\/p>\n<p>Notably, WBTC\u2019s delisting comes amid Coinbase\u2019s recent launch of its own wrapped bitcoin token, cbBTC, raising questions about competitive motives.<\/p>\n<p>Despite the controversy, WBTC continues to dominate the wrapped bitcoin market, holding 85% of the Ethereum network\u2019s market share.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/court-gives-coinbase-the-green-light-to-delist-wrapped-bitcoin-wbtc\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) A US federal judge has allowed Coinbase to delist WBTC despite BiT Global\u2019s objections. Judge Mart\u00ednez-Olgu\u00edn denied BiT Global\u2019s TRO, citing lack of evidence of harm. Despite the delisting and Coinbase launching cbBTC, WBTC dominates the wrapped digital assets market with [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":43694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43693"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=43693"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/43694"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=43693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=43693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=43693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}