BiT Global alleges that Coinbase's decision to delist Wrapped Bitcoin (WBTC) was an attempt to create a competitive advantage for its own wrapped Bitcoin product, Coinbase Wrapped BTC (cbBTC). Coinbase announced on November 19 that WBTC trading would be suspended on December 19, citing that WBTC failed to meet its listing standards. A BiT Global spokesperson criticized this move, suggesting it was a strategy to eliminate competition for cbBTC. Coinbase defended its action as part of a regular review process of assets for trading suitability. BiT Global asserted that investors should be able to choose between different assets and claimed Coinbase's delisting strips them of that right. The delisting follows BitGo granting BiT Global partial control of the wallet securing WBTC’s Bitcoin backing, which has caused controversy in the crypto ecosystem. Despite these tensions, WBTC remains the most widely used Bitcoin wrapper in terms of total value locked, while cbBTC is a newer entrant with significantly less total value locked.

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