Paul Grewal Defends Coinbase In $1B Lawsuit Over wBTC Delisting
Recently, Bit Global filed a lawsuit against Coinbase Global Inc, claiming that Coinbase illegally delisted its WBTC token in order to promote competitor cbBTC. BiT Global claimed that Coinbase’s decision to delist wBTC was to promote its own competing product, cbBTC, which caused huge financial losses and weakened consumer confidence in wBTC. BiT Global Digital sues Coinbase for over $1 billion
The lawsuit also claims that Coinbase’s listing of memecoins and tokens with “no intrinsic value” proves that the exchange delisted WBTC in an effort to monopolize the industry. It also reiterated that delisting WBTC in place of these meme coins proves that the exchange did not follow any clear listing standards.
Paul Grewal defense
A day after the lawsuit, Coinbase CLO Paul Grewal defended the exchange’s practices and emphasized its commitment to high listing standards. He reacted to criticism of the exchange’s token listing and delisting practices after a lawsuit accused the company of anti-competitive behavior against Wrapped Bitcoin.
“When an asset no longer meets our listing standards, we will delist it. When another asset is able to meet or exceed market requirements without sacrificing those standards, we will list it,” Grewal said at X indicated above.
Justin Sun criticizes
Grewal’s X post sparked backlash from the community, including Tron founder Justin Sun, who questioned the company’s transparency. He questioned the coherence between Grewal’s statement and earlier comments from Coinbase CEO Brian Armstrong, who said the exchange was “asset agnostic” because it believed “Consumers should have choice in the crypto-economy.”
BiT Global claims that Coinbase’s actions are aimed at directing market dominance to cbBTC. The exchange announced on November 19 that the token was delisted, citing undisclosed reasons for failing to meet its standards for listed tokens.
