A federal judge in California has denied BiT Global Digital Ltd.\u2019s request for a temporary restraining order (TRO) to prevent crypto exchange Coinbase from delisting wrapped Bitcoin (wBTC) from its platform.<\/p>\n
US District Judge Araceli Mart\u00ednez-Olgu\u00edn ruled Wednesday that BiT Global failed to present sufficient evidence to demonstrate \u201cimminent irreparable harm\u201d if the delisting proceeds.<\/p>\n
The judge also criticized<\/a> the speculative nature of BiT Global\u2019s claims and noted the company\u2019s delay in filing the complaint following Coinbase\u2019s delisting announcement<\/a>. The ruling was a setback for BiT Global, which manages wBTC \u2013 a token pegged to Bitcoin\u2019s value that facilitates decentralized finance (DeFi) activities on blockchain networks like Ethereum.<\/p>\n Coinbase, which has supported wBTC trading since 2020, argued that its decision to delist the token was driven by concerns over its ties to Justin Sun, the founder of the Tron cryptocurrency.<\/p>\n Sun was charged with fraud and securities violations by the US Securities and Exchange Commission (SEC) in March 2023. In its legal filing<\/a>, Coinbase stated that the association with Sun posed an \u201cunacceptable risk,\u201d a claim BiT Global did not address in its complaint or TRO request.<\/p>\n Paul Grewal, Coinbase\u2019s chief legal officer, welcomed the court\u2019s decision, stating<\/a> on X that BiT Global \u201clost\u201d its bid to prevent the delisting.<\/p>\n \u201cBiT Global lost. Today they asked the Court to order us to stop delisting wBTC to protect our customers. Today the Court said no. We appreciate the Court\u2019s consideration and the outstanding advocacy of Sonal Mehta and her team at WilmerHale.\u201d<\/p>\n The exchange was represented by Sonal N. Mehta and her team at WilmerHale, who argued that Coinbase\u2019s actions were necessary to protect its customers. As such, the latest decision allows Coinbase to proceed with delisting wBTC, a token reportedly linked to more than $13 billion in Bitcoin value.<\/p>\n Looking ahead, the crypto exchange has approximately 30 days to file a motion to dismiss the broader claims in BiT Global\u2019s lawsuit, which include allegations of \u201cattempted monopolization\u201d under the Sherman Act.<\/p>\n The post wBTC Delisting Stands: BiT Global\u2019s Legal Challenge Fails<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" A federal judge in California has denied BiT Global Digital Ltd.\u2019s request for a temporary restraining order (TRO) to prevent crypto exchange Coinbase from delisting wrapped Bitcoin (wBTC) from its platform. US District Judge Araceli Mart\u00ednez-Olgu\u00edn ruled Wednesday that BiT Global failed to present sufficient evidence to demonstrate \u201cimminent irreparable harm\u201d if the delisting proceeds. […]<\/p>\n","protected":false},"author":0,"featured_media":29782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29781"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29781"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29782"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BiT Global \u2018Lost\u2019 its Bid to Halt wBTC Delisting<\/h2>\n