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American crypto trading platform Coinbase Global Inc. is in the spotlight after Bit Global named it a defendant in a new lawsuit. Bit Global, a professional digital asset custody and management solutions provider, claimed Coinbase unlawfully delisted its WBTC token so it could promote the rival cbBTC.
The Bit Global Stance Against Coinbase
In the 36-page filing, Bit Global accused Coinbase of 8 offenses including but not limited to monopolization, trade libel and the violation of the Lanham Act. The custodian firm said Coinbase delisted WBTC as it is a major competitor to its own rival, the cbBTC.
The plaintiff argued that Coinbase has listed many memecoins which unlike WBTC have no inherent value other than jokes. It also reaffirmed that delisting WBTC in place of these memecoins proves the exchange did not make the move based on any defined listing standards.
“Like all the centralized tech giants before it, Coinbase gives lip service to the innovation of a decentralized world,” the firm’s lawsuit reads. “But in the case of wrapped Bitcoin, Coinbase viewed it as just another cash grab.”
This is a developing story, please check back for updates!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
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