The lawyer Kevin Kneupper revealed that we believe this judgment sets a horrific precedent for everyone in the crypto world.
The lawsuit looks for damages going over $1 billion and incorporates demands for preventing relief to safeguard them against further harm.
On November 19, Coinbase announced the delisting of the token, quoting hidden failures to meet its standards for listing tokens.
BiT Global Digital Limited has sued Coinbase, a crypto exchange for more than $1 billion accusing that the company has harmed the market for Wrapped Bitcoin after a November judgment to delist the token.
BiT Global complained on December 13 claiming that the decision of Conbaise to delist wBTC was targeted at publicizing its own rival product, cbBTC. This step led to an enormous financial loss and destroyed consumer confidence in wBTC.
The complaint includes accusations of tried monopolization of the wrapped Bitcoin market under the Sherman Act, accuses of predatory practices to erode the market position of wBTC, and allegations of false statements hinting wBTC failed to meet listing standards.
The delisting of the token
On November 19, Coinbase announced the delisting of the token, quoting hidden failures to meet its standards for listing tokens. A spokesperson of Coinbase spoke to the media and highlighted the company’s listing standards.
The spokesperson said, “Coinbase has promised to carry on the high integrity of our listing standards, and we frequently evaluate assets listed on our platform. When an asset doesn’t meet those standards, it gets delisted.
Taking a dig into BiT Global, it is a Hong- Kong-based crypto exchange. Since August, it has been a joint custodian for wBTC’s Bitcoin reserves next to a crypto company, BitGo. The lawsuit was filed by a law company Kneupper and Covey in the Northern District of California.
Claims of the lawyers
As per BiT Global lawyers, Coinbase has been adopting memecoins for trading on its platform at the time of challenging wBTC compliance with listing standards soon after releasing a similar product.
The lawyer Kevin Kneupper revealed that we believe this judgment sets a horrific precedent for everyone in the crypto world. He further added that If an exchange of the size of Coinbase can delist a cryptocurrency just as it plans to introduce its own competing product, who is safe, and who is next?
The lawsuit looks for damages going over $1 billion and incorporates demands for preventing relief to safeguard them against further harm. In an interview, the spokesperson of BiT Global said on November 20 that this step of Coinbase was targeted to have an advantage over the token.
He further went on to say that, “It is clear that the decision of Coinbase is a trial to have a competitive advantage, keeping forward their own wrapped Bitcoin product, cbBTC, and eliminating the biggest and most influential competitor in wBTC.
Also, we frequently overlook the assets on our exchange to make sure that they meet our listing standards. As per the latest interview, Coinbase will hold trading for wBTC on December 19, this year, around 12 pm ET.
