Wrapped Bitcoin’s (wBTC) team has expressed surprise and disappointment at Coinbase’s decision to delist the token. In a statement shared on X, it urged the crypto exchange giant to reconsider this decision and continue supporting the trading of the token.

The team said the token has positioned itself as a decentralized and transparent wrapped BTC product, supported by “innovative mechanisms and rigorous governance.”

They even highlighted their adherence to custody processes, on-chain verifiability, and regulatory compliance, as well as maintaining active communication and cooperation with due diligence processes, including those involving Coinbase.

“We firmly believe that transparency and decentralization are core values of the crypto industry, and wBTC exemplifies these principles. We urge Coinbase to reconsider this decision and continue supporting wBTC trading.”

Coinbase to Suspend wBTC Trading

wBTC’s response comes after Coinbase announced that it would suspend trading for wBTC on December 19th, 2024. In its latest update, the exchange said it moved wBTC order books to limit-only mode, ensuring users can place and cancel orders while allowing token transfers after delisting. Although Coinbase described the decision as part of its routine asset reviews, the lack of transparency has fueled criticism.

Many community members allege Coinbase acted to favor its own tokenized Bitcoin, cbBTC, which allows balance freezing – a feature wBTC does not support. Critics argue the decision undermines competition and claim Coinbase justified it with vague customer protection narratives.

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