A California court ruled that Coinbase can delist wBTC, rejecting BiT Global’s request for a temporary injunction

PANews reported on December 19 that according to The Block, the California federal court ruled that Coinbase can delist wBTC (Wrapped Bitcoin) and rejected the temporary injunction request filed by BiT Global, a company related to Justin Sun. Coinbase previously announced that it would delist wBTC on December 19. This decision is related to its former custodian BitGo cooperating with BiT Global to manage US$14 billion in assets.

BiT Global claimed that delisting wBTC would cause irreparable harm to it and sued Coinbase for violating competition laws and defamation. However, the court found that BiT Global’s claims lacked basis and supported Coinbase’s right to determine the platform’s asset list. Coinbase responded that BiT Global’s accusations were baseless and planned to impose sanctions on it or its law firm.

Currently, wBTC is the second largest wrapped token by market value (nearly $14 billion), allowing Bitcoin to be used in the Ethereum ecosystem. The market value of cbBTC, a competing product launched by Coinbase, has exceeded US$2.1 billion since September. Coinbase emphasized that its platform accounts for less than 1% of wBTC trading activity and denied trying to monopolize the wrapped Bitcoin market.