Judge Won’t Stop Coinbase’s wBTC Delisting

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In a hearing on December 18, a federal judge in the United States District Court for the Northern District of California ruled in favor of Coinbase in a lawsuit filed by BiT Global.

The judge, Araceli Martínez-Olguín, decided not to issue a temporary restraining order to stop Coinbase from delisting Wrapped Bitcoin (wBTC).

In its lawsuit, BiT Global had claimed that the delisting of wBTC by the exchange in November had negatively affected the market for the coin. However, the judge stated that BiT Global’s legal team had not provided enough evidence to prove “imminent irreparable harm” and that their arguments were mostly speculative.

She also noted that the timing of the lawsuit, which was filed a few weeks after Coinbase’s announcement, weakened their case.

Coinbase had announced on November 19 that it would halt wBTC trading on the exchange starting on December 19, which BiT Global argued would result in significant financial losses for wBTC holders.