Outside Source
Coinbase will likely be able to move forward with its intention to suspend wBTC trading on Dec. 19 after a challenge in federal court.
News
A federal judge sided with Coinbase in a hearing with BiT Global by saying she would not issue a temporary restraining order (TRO) to stop the exchange from delisting Wrapped Bitcoin.
In a Dec. 18 virtual hearing in the United States District Court for the Northern District of California, Judge Araceli Martínez-Olguín said BiT Global’s legal team had failed to show “imminent irreparable harm” in its arguments over Coinbase delisting wBTC. BiT Global filed a lawsuit against the crypto exchange on Dec. 13, claiming that the firm had harmed the wBTC market by choosing to delist the coin in November.
The judge said the fact that BiT Global waited a few weeks between the Coinbase announcement and the lawsuit “somewhat” undermined its arguments. She added that Bit Global had provided “no evidence […] about what is to come” and said the legal team’s arguments were “speculative” rather than based on what would happen in the market.
Coinbase announced on Nov. 19 that it would suspend wBTC trading on the exchange starting on Dec. 19. In its lawsuit, BiT Global alleged that the exchange’s decision would result in massive financial losses for wBTC holders.
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
