Coinbase seeks dismissal of BiT Global lawsuit over wBTC delisting

Coinbase has filed a question to disregard a suit from BiT Global that challenges the firm’s determination to delist Wrapped Bitcoin (wBTC), according to a Jan. 21 tribunal filing.

This follows the denial of BiT Global’s earlier ineligible effort to artifact the delisting done a tribunal order.

Last year, Coinbase removed wBTC from its level owed to concerns astir its relation with Justin Sun, the laminitis of Tron blockchain. The speech cited Sun’s past of alleged fraudulent activities and marketplace manipulation arsenic posing important idiosyncratic risks.

In response, BiT Global filed a lawsuit to forestall the delisting, claiming it would harm its operations. However, the tribunal denied the request, with Coinbase labeling the suit arsenic baseless.

Coinbase’s latest move

In its latest filing, Coinbase is seeking the outright dismissal of BiT Global’s claims.

The speech maintained that an extended interior reappraisal process guided its determination to delist wBTC. It argued that BiT Global failed to conscionable the ineligible standards for an antitrust claim, adding that nary instrumentality compels Coinbase to big an plus deemed risky.

The filing further asserts that BiT Global has not provided grounds that Coinbase made misleading oregon mendacious statements astir wBTC.

According to the exchange:

“Coinbase decided—based connected a rigorous interior process—that wBTC should beryllium delisted from its speech owed to the unacceptable hazard that power of wBTC would autumn into the hands of Mr. Sun. No instrumentality protects BiT from the consequences of its ain determination oregon requires Coinbase to reverse people connected judgments made to support its customers and its platform.”

Paul Grewal, Coinbase’s Chief Legal Officer, emphasized that the level is not obligated to enactment tokens that compromise information oregon idiosyncratic trust.

He highlighted Coinbase’s work to prioritize its customers’ information and its platform’s integrity.

Grewal stated:

“No instrumentality compels Coinbase to big an plus that carries an unacceptable level of hazard owed to its transportation with idiosyncratic similar Justin Sun. We person each close and work to enforce our to guarantee a unafraid and trustworthy trading situation for our users.”

The station Coinbase seeks dismissal of BiT Global suit implicit wBTC delisting appeared archetypal connected CryptoSlate.