BiT Global Accuses Coinbase of Playing Favorites

BiT Global claims Coinbase is unfairly removing Wrapped Bitcoin (wBTC) to promote its own token, Coinbase Wrapped Bitcoin (cbBTC). Coinbase announced wBTC trading will stop on December 19, 2024, citing compliance issues.

Coinbase Denies Targeting wBTC

Coinbase insists the delisting was based on routine reviews, not an attempt to favor cbBTC. A spokesperson stated wBTC no longer meets the exchange’s listing standards, and the decision was unrelated to its own token.

Investor Choice at Stake

BiT Global says Coinbase’s move restricts investor options. wBTC remains the leading Bitcoin wrapper with $14 billion in value locked, while cbBTC, launched in September, has $1.5 billion locked.

wBTC’s Custody Raises Concerns

wBTC is backed by Bitcoin held by custodian BitGo, which recently shared wallet control with BiT Global. This sparked concerns about potential mismanagement linked to certain parties involved in the project.

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