BiT Global has filed a lawsuit against Coinbase, accusing the cryptocurrency exchange of breaching antitrust laws by delisting Wrapped Bitcoin (WBTC) in favor of its own product, Coinbase Wrapped Bitcoin (cbBTC).
BiT Global claims that Coinbase's decision to replace WBTC with cbBTC is a strategic move to consolidate control over the wrapped Bitcoin market and increase transaction revenues. The lawsuit argues that these actions are anti-competitive and detrimental to the decentralized finance (DeFi) ecosystem.
The ongoing legal battle between BiT Global and Coinbase will have implications for the future of wrapped Bitcoin products and the broader cryptocurrency ecosystem. Despite facing competition from other wrapped Bitcoin products, including Coinbase's cbBTC, WBTC remains a prominent player in the cryptocurrency market.
The lawsuit seeks to restore competitive dynamics and prevent further centralization of power within the industry. By challenging Coinbase's actions, BiT Global aims to ensure a level playing field and promote a decentralized and open financial system.