Coinbase to halt sales of wBTC token

The crypto exchange Coinbase will suspend trading of wrapped bitcoin (wBTC) in December 2024. This was announced by the exchange's press service.

The discussion specifically concerns the largest tokenized version of BTC, which is present on Ethereum and other blockchains.

"We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our latest review, Coinbase will suspend trading of wBTC (wBTC) on December 19, 2024, at approximately 12:00 PM Eastern Time," the company stated on social media.

Users will still be able to withdraw their wBTC even after the delisting. This decision was made due to the influence of TRON creator Justin Sun on the wBTC protocol. Previously, the main custodian of wBTC, BitGo, signed an agreement to form a joint venture with BiTGlobal. For many years, BitGo was the primary key holder for the wBTC protocol, but in August, the company decided to distribute control over custody among three entities. This included the Hong Kong trust company BiT Global, linked to Justin Sun. This so-called "strategic partnership between BitGo, Justin Sun, and the TRON ecosystem" has raised concerns in the cryptocurrency industry.