Coinbase has filed a movement to dismiss a lawsuit from BiT World that challenges the agency’s resolution to delist Wrapped Bitcoin (wBTC), based on a Jan. 21 court docket submitting.
This follows the denial of BiT World’s earlier authorized try to dam the delisting by a court docket order.
Final 12 months, Coinbase eliminated wBTC from its platform as a result of issues about its affiliation with Justin Solar, the founding father of Tron blockchain. The trade cited Solar’s historical past of alleged fraudulent actions and market manipulation as posing vital consumer dangers.
In response, BiT World filed a lawsuit to stop the delisting, claiming it will hurt its operations. Nonetheless, the court docket denied the request, with Coinbase labeling the lawsuit as baseless.
Coinbase’s newest transfer
In its newest submitting, Coinbase is searching for the outright dismissal of BiT World’s claims.
The trade maintained that an intensive inner evaluate course of guided its resolution to delist wBTC. It argued that BiT World failed to satisfy the authorized requirements for an antitrust declare, including that no legislation compels Coinbase to host an asset deemed dangerous.
The submitting additional asserts that BiT World has not offered proof that Coinbase made deceptive or false statements about wBTC.
In response to the trade:
“Coinbase determined—primarily based on a rigorous inner course of—that wBTC needs to be delisted from its trade because of the unacceptable threat that management of wBTC would fall into the fingers of Mr. Solar. No legislation protects BiT from the results of its personal resolution or requires Coinbase to reverse course on judgments made to guard its clients and its platform.”
Paul Grewal, Coinbase’s Chief Authorized Officer, emphasised that the platform will not be obligated to help tokens that compromise safety or consumer belief.
He highlighted Coinbase’s accountability to prioritize its clients’ security and its platform’s integrity.
Grewal acknowledged:
“No legislation compels Coinbase to host an asset that carries an unacceptable degree of threat as a result of its reference to somebody like Justin Solar. Now we have each proper and accountability to implement our to make sure a safe and reliable buying and selling surroundings for our customers.”