Coinbase came to the fore with the reaction of Bit Global after its decision to remove the wBTC token from its platform. Coinbase’s Chief Legal Officer Paul Grewal responded to comments made by Tron founder Justin Sun. This development had a wide impact in the crypto market.
Coinbase Re-Emphasizes CLO Standards
Paul Grewal noted the importance of maintaining Coinbase’s listing standards. “When an asset no longer meets our listing standards, we delist it,” Grewal said in a statement on social media. This approach of Coinbase aims to ensure the reliability of the platform.
Bit Global filed a lawsuit against Coinbase, objecting to the removal of wBTC from the platform. Bit Global, as an important actor supporting the Tron ecosystem, opposed this decision. “We expect this case to be considered in the US federal court,” Grewal said.
Increase in wBTC Prices
After the delisting decision, an increase of more than 1 percent in the price of wBTC was observed. The token rose to $101,152 with a transaction volume of $353 million. Price activity reflected the attitude of market participants towards the decision.
Grewal stated that Coinbase’s listing decisions are made based on security and legal compliance. It is thought that Bit Global’s ecosystem share may be effective in this decision.
Critics expressed concerns about BitGo’s new custody structure. While major DeFi platforms such as MakerDAO and Aave approach this partnership cautiously, wBTC still continues to be included on their platforms.
Justin Sun shared Coinbase CEO Brian Armstrong’s previous statements and emphasized the importance of listing assets in every legal environment. Grewal, on the other hand, stated that they were waiting for Sun’s statement to be taken in response to Sun’s statements.
The latest situation highlights the challenges crypto exchanges face in balancing innovation with rigorous oversight. This step by Coinbase is considered as part of the platform’s strategy to focus on safe and compliant assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
