Coinbase delists wBTC due to Justin Sun

The Chief Legal Officer of cryptocurrency exchange Coinbase, Paul Grewal, announced on social media that the wBTC token has been removed from the platform.

He noted that the decision to delist wBTC was guided by the procedures for selecting crypto assets. In particular, there was a risk that control over the token could fall into the hands of Justin Sun, who may engage in financial manipulations, which is unacceptable.

Earlier, it was reported that the U.S. Securities and Exchange Commission (SEC) sued Sun for fraud and market manipulation. Additionally, last year Coinbase closed several accounts of organizations related to Sun for violating service terms.

In November, the crypto exchange announced that wBTC would be delisted on December 19.