Coinbase has filed a motion to dismiss a lawsuit brought by BiT Global over the cryptocurrency exchange\u2019s decision to delist wrapped Bitcoin (wBTC) in favor of promoting its own product, cbBTC.<\/p>\n\n\n\n
In a January 21 filing with the U.S. District Court for the Northern District of California, Coinbase\u2019s legal team argued that the lawsuit should be dismissed in its entirety, citing BiT Global\u2019s affiliation with Tron founder Justin Sun as a key factor in its decision to delist wBTC.<\/p>\n\n\n\n
The exchange stated that its concerns stemmed from \u201cthe unacceptable risk that control of wBTC would fall into the hands of Mr. Sun,\u201d referencing previous allegations of fraud and market manipulation leveled against him by U.S. authorities.<\/p>\n\n\n\n
Coinbase\u2019s legal team added:<\/p>\n\n\n\n
\n“The Court should dismiss BiT\u2019s complaint in full. And it should do so with prejudice, as the most fundamental of these pleading failures… cannot possibly be cured.”<\/p>\n<\/blockquote>\n\n\n\n
The filing further asserted that Coinbase\u2019s decision did not constitute exclusionary conduct, harm the market, or result in \u201cantitrust injury,\u201d as alleged by BiT Global.<\/p>\n\n\n\n
Background on the Dispute<\/h3>\n\n\n\n
Coinbase announced in November 2024 that it would suspend trading of wBTC starting December 19. In response, BiT Global filed a lawsuit on December 13, claiming the delisting harmed the wBTC market and unfairly promoted Coinbase\u2019s competing product, cbBTC.<\/p>\n\n\n\n
A judge previously denied BiT Global\u2019s request for a restraining order to prevent Coinbase from delisting wBTC.<\/p>\n\n\n\n
Concerns Over Justin Sun\u2019s Involvement<\/h3>\n\n\n\n
The dispute partly centers on control of wBTC\u2019s reserves, which are managed by custodian BitGo. In August 2024, BitGo announced it would share control of wBTC reserves with BiT Global in a partnership involving Justin Sun.<\/p>\n\n\n\n
Coinbase has raised concerns in court filings about the risks associated with Sun\u2019s involvement, pointing to ongoing complaints against him by U.S. authorities for alleged fraud and securities violations.<\/p>\n\n\n\n
The court is scheduled to hear Coinbase\u2019s motion to dismiss on April 3, 2025. If the motion is granted with prejudice, BiT Global would be unable to refile the complaint.<\/p>\n\n\n\n
In addition to this case, Coinbase continues to face a separate legal battle with the U.S. Securities and Exchange Commission (SEC), stemming from a 2023 lawsuit. The exchange has also been actively pushing for clearer crypto regulations in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"
Coinbase has filed a motion to dismiss a lawsuit brought by BiT Global over the cryptocurrency exchange\u2019s decision to delist wrapped Bitcoin (wBTC) in favor of promoting its own product, cbBTC. Coinbase’s Defense In a January 21 filing with the U.S. District Court for the Northern District of California, Coinbase\u2019s legal team argued that the […]<\/p>\n","protected":false},"author":13,"featured_media":5940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,2,43],"tags":[],"class_list":{"0":"post-13328","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange","8":"category-featured","9":"category-general-news"},"acf":[],"yoast_head":"\n
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