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BiT Global has initiated legal action against Coinbase, a leading cryptocurrency exchange based in the United States, over the delisting of Wrapped Bitcoin 
$105,710 (wBTC). Following Coinbase’s decision to remove wBTC from its platform in November, BiT Global challenged this move through legal means.
Reasons for the Lawsuit
In its new complaint, BiT Global accuses Coinbase of using wBTC for “cash grabbing” and ultimately replacing it with its own version, cbBTC. The company asserts that Coinbase has taken steps to stifle competition while emphasizing that wBTC serves as a tokenized representation of Bitcoin on the Ethereum 
$2,539 blockchain.
BiT Global claims that Coinbase’s delisting of wBTC violates U.S. trade laws, alleging market monopolization and intentional devaluation of wBTC. Additionally, it pointed out that similar tactics have been previously employed by tech giants like Microsoft, Google, and Facebook against their competitors.
BiT Global stated, “Coinbase attempted to realize monopolization through unfair competition practices.”
Industry and Market Implications
This lawsuit has caused significant reverberations in the cryptocurrency markets. The delisting of competitors and the launch of proprietary products have reignited debates over fair competition in the industry. Experts warn that such actions could adversely affect investor confidence.
BiT Global contends that Coinbase has abused its dominant market position and employed deliberate strategies to devalue wBTC. The company argues that these actions have harmed the cryptocurrency ecosystem.
As the legal proceedings unfold, the regulatory response to cryptocurrency exchanges and digital assets remains a pressing topic. Users and market participants are keenly observing how such legal battles will influence market dynamics.
Other companies operating in the cryptocurrency space are also being closely scrutinized for similar strategies. This lawsuit could reshape the competitive landscape and regulatory requirements within the industry.
BiT Global’s lawsuit serves as a significant example of competition policies and market dominance issues faced by cryptocurrency exchanges. This process may provide guidance for resolving similar disputes in the future.
