- A US federal choose has allowed Coinbase to delist WBTC regardless of objections from BiT International.
- Choose Martínez-Olguín rejected BiT International’s TRO, citing lack of proof of hurt.
- Regardless of the delisting and launch of cbBTC by Coinbase, WBTC dominates the wrapped digital asset market with an 85% share.
In an important authorized determination, a California federal choose has dominated in favor of cryptocurrency alternate Coinbase, permitting it to proceed with the deliberate delisting of Wrapped Bitcoin (WBTC).
The ruling, issued by Choose Araceli Martínez-Olguín of the U.S. District Courtroom for the Northern District of California, comes after a contentious authorized battle initiated by BiT International, a digital asset custodian partly owned by Tron founder Justin Solar .
The BiT International lawsuit in opposition to Coinbase for delisting WBTC
The dispute started in November 2024 when Coinbase introduced plans to delist WBTC, citing issues over its affiliation with Justin Solar.
Solar, a controversial determine within the crypto house, has confronted allegations of fraud and market manipulation.
BiT International responded by submitting a billion-dollar lawsuit in opposition to Coinbase on antitrust grounds, looking for a short lived restraining order (TRO) to cease the delisting. The corporate argued that the transfer would destabilize the WBTC market and trigger vital monetary hurt to traders.
Non permanent Restraining Order (TRO) Denied
In a digital listening to on December 18, Choose Martínez-Olguín denied BiT International's TRO request, ruling that the corporate had not offered enough proof of imminent and irreparable hurt. She famous that BiT International's delay in taking authorized motion after Coinbase's preliminary announcement had weakened its arguments.
In its protection, Coinbase highlighted BiT International's refusal to reveal possession particulars and issues about Solar's affect over the integrity of the token.
Though the court docket left open the likelihood for BiT International to current stronger proof sooner or later, the ruling successfully paved the way in which for Coinbase to delist WBTC as deliberate on December 19.
Notably, WBTC's delisting comes amid Coinbase's latest launch of its personal wrapped Bitcoin token, cbBTC, elevating questions on aggressive motivations.
Regardless of the controversy, WBTC continues to dominate the wrapped bitcoin market, holding 85% of the Ethereum community's market share.
