BiT Global Sues Coinbase for Delisting Wrapped Bitcoin in Favor of cbBTC

BiT Global has sued Coinbase for delisting the largest Wrapped Bitcoin token—or WBTC—alleging that the San Francisco-based exchange did so in a "predatory and unfair" move that "violates both federal and state law."

"Like all the centralized tech giants before it, Coinbase gives lip service to the innovation of a decentralized world," Friday's lawsuit reads. "But in the case of wrapped Bitcoin, Coinbase viewed it as just another cash grab."

BiT Global is the custodian of WBTC. Coinbase launched its wrapped Bitcoin token in September, dubbed Coinbase Wrapped BTC, or cbBTC.

The company, which is America's biggest crypto exchange, did not immediately respond to Decrypt's request for comment.

Editor's note: This is a breaking story and will be updated.