Cryptocurrency exchange Coinbase announced a trading halt folded Bitcoin WBTC December 19.
We regularly monitor the assets on our exchange to ensure they meet our registration standards. Based on our latest review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.
– Coinbase Assets 🛡️ (@CoinbaseAssets) November 19, 2024
According to the report, the asset does not meet the trading platform’s registration standards, but it is not known which ones.
WBTC market trading is now closed, only limited orders are still available. The exchange team confirmed that users will be able to withdraw their tokens even after the complete listing.
We regret and are surprised by Coinbase’s decision to delist WBTC. As the core team behind Wrapped BTC, we have always been committed to providing the most compliant, transparent and decentralized BTC tokenization product to the community.
Over the years, WBTC has established…
– WBTC (@WrappedBTC) November 19, 2024
In response, the Wrapped BTC team noted that the project has always cooperated with sites to fully comply with legal standards, and asked the exchange to reconsider the decision:
“We are disappointed and surprised by Coinbase’s decision to list WBTC. […] We encourage Coinbase to reconsider this decision and continue to support WBTC trading.”
Perhaps one of the reasons for abandoning WBTC transition multisig wallet with bitcoin reserve of the project controlled by part of Justin Sun company BitGlobal. This has already been caused suggestions remove WBTC from the list of funds available for collateral in the Sky (formerly MakerDAO) ecosystem.
September 12 Coinbase launched Coinbase Wrapped BTC (cbBTC) is its own version of wrapped Bitcoin in the form of an ERC-20 token. This has raised suspicions among the community that WBTC and other folded assets are being treated unfairly.
Let us remind you that in October Coinbase name has ended access to trade in some stables for EU residents.
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2024-11-20 15:56:00
#Coinbase #Announces #Delisting #WBTC
How might the delisting of WBTC affect the usability and adoption of wrapped Bitcoin products within the ecosystem?
Dear customers, welcome to our interview with two distinguished guests, Alex from Coinbase and James from the Wrapped BTC team. Today we will discuss the recent decision of Coinbase to delist WBTC from its platform and the implications of this move.
**1. Coinbase:** Why has Coinbase decided to delist WBTC from its platform? Can you explain the registration standards that WBTC doesn’t meet and what factors led to this decision?
**2. Wrapped BTC:** In your response, can you elaborate on how Wrapped BTC has maintained compliance with legal standards and what measures have been taken to ensure transparent and decentralized tokenization?
**3. Implications:** The community has raised concerns about Coinbase’s treatment of wrapped Bitcoin products like WBTC and CBTC. How do you address these accusations of favoritism towards Coinbase’s own version of wrapped Bitcoin? Do you see this as a potential issue for cryptocurrency adoption?
**4. Alternatives:** What are some alternative wrapped Bitcoin products available on Coinbase, and how do they differ from WBTC in terms of security, decentralization, and transparency?
**5. Future Collaboration:** Given the recent developments, how likely is it that Coinbase and Wrapped BTC will resume collaboration in the future? What steps would need to be taken to address the current issues and maintain a healthy working relationship?
Thank you for your time!
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