American cryptocurrency trading platform Coinbase Global Inc. announced the suspension of Wrapped Bitcoin 
$97,070 (wBTC) transactions. The leading exchange clarified that despite this decision, the product would remain accessible to users, allowing token holders to withdraw their funds at any time.
Coinbase Ends wBTC Period
Coinbase stated that it regularly monitors its assets to ensure compliance with listing standards, revealing that wBTC was delisted following a recent review. The removal of wBTC transactions took effect at 12:00 PM Eastern Time.
The exchange announced the suspension of wBTC transactions on its main platform, Coinbase.com, as well as on Coinbase Exchange and Coinbase Prime.
Coinbase Assets: “We have moved our order books to limit order mode only. Limit orders can be placed and canceled, and matches can still occur.”
As part of these measures, the exchange closed wBTC’s order books to limit orders. Coinbase reiterated that users would be able to access their funds whenever they wished.
Controversial Business Deal
The issue with wBTC surfaced following a lawsuit filed by BiT Global, linked to Justin Sun, against Coinbase. BiT Global claimed that Coinbase delisted wBTC to provide a competitive advantage to cbBTC.
Coinbase stated that the decision to delist was made due to allegations of market manipulation against Justin Sun. The court upheld Coinbase’s right to remove wBTC from the exchange.
Some members of the crypto community continued to criticize Coinbase for listing memecoins ahead of legitimate projects, claiming the listing standards were unclear.
In a symbolic protest, Donald Trump-backed World Liberty Financial switched from cbBTC to wBTC. However, this move does not eliminate Sun’s connection to WBTC. Experienced investors in the cryptocurrency markets are aware of the risks associated with Justin Sun.
In light of these developments, Coinbase’s decision to delist wBTC has elicited varying reactions within the industry. While users maintain access to their funds, discussions regarding the exchange’s listing policies continue.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
