Coinbase Faces Lawsuit from Crypto Competitor Over ‘Wrapped’ Bitcoin Delisting

Cryptocurrency exchange Coinbase Global Inc. is in hot water over a lawsuit that claims they booted a rival’s wrapped token product off their platform, allegedly breaking federal and state laws in the process.

BiT Global Digital Ltd. is the plaintiff behind the suit, alleging that Coinbase removed wBTC from its cryptocurrency platform right after launching their own similar product, cbBTC. The issue at hand revolves around “wrapped” tokens, which are digital assets tied to the price of Bitcoin. Users basically “wrap” their Bitcoin by depositing it into a third-party digital wallet.

The complaint was filed last Friday in the US District Court for the Northern District of California, so it’s definitely a developing situation to keep an eye on. Stay tuned for updates as this legal battle unfolds.