Coinbase Accused of Favoring Own Wrapped Bitcoin Product Over Competitor

BiT Global has accused Coinbase of delisting Wrapped Bitcoin (wBTC) to promote its own rival, cbBTC. This decision allegedly aims to eliminate competition for Coinbase's new wrapped Bitcoin product.

The Hong Kong-based exchange claims that Coinbase suspended trading of wBTC on December 19, citing 'failures to meet listing standards.' However, BiT Global argues that this move is a strategy to favor Coinbase's cbBTC, which launched in September.

Despite the dispute, wBTC remains the dominant player in the market, with over $14 billion in total value locked (TVL). Meanwhile, cbBTC has gained traction, currently holding $1.5 billion in TVL.