Chain News Daily Official TheBitTimes.com

The largest cryptocurrency exchange in the United States, Coinbase, has announced that it is suspending the trading of wrapped Bitcoin (wBTC) as its own cbBTC offering continues to rise in value. In a post to X (formerly Twitter), the exchange announced that the suspension comes as part of a compliance review for the cryptocurrency. The exchange notes that the asset will be suspended on December 19th, around 12pm ET. The move is a regular monitoring practice, as the firm looks to affirm all listed tokens “meet our listing standards.” Moreover, the rise of Coinbase’s own wrapped Bitcoin option has undoubtedly played a part in the decision. We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET. — Coinbase Assets ️ (@CoinbaseAssets) November 19, 2024 Also Read: Coinbase Officially Lists the Meme Coin PEPE Coin...

BitGo’s August 9 announcement that it was partnering with Justin Sun and BitGlobal for wrapped bitcoin (WBTC) has stoked controversy across the ecosystem and drawn greater attention to Sun’s other projects. Following the announcement, MakerDAO decided to disable new borrows against WBTC and Coinbase announced its own wrapped bitcoin product, cbBTC — a move that has drawn the ire of Sun. He has accused cbBTC of operating without proof-of-reserves or audits, going as far as to claim that exchanges that haven’t yet completed a proof-of-reserves are “unable to meet the requirements.” Unfortunately for him, Poloniex, an exchange owned by Sun that operates a wrapped bitcoin product far larger than cbBTC , doesn’t have a proof-of-reserves either. HTX, a Sun-advised exchange, relies extensively on this product, making up more than half of the ‘bitcoin’ this exchange holds. Head over to YouTube for the whole story. Read more: Justin ...