Coinbase to cancel locked bitcoins
Coinbase will halt Bitcoin (WBTC) trading in December, citing unspecified failures to list the cryptocurrency's tokens.
We regularly monitor our properties to ensure they meet our listing requirements. According to our latest assessment, Coinbase will stop trading for wBTC (wBTC) on or around December 19, 2024, at 12 pm ET.
Coinbase has already stopped trading WBTC and is only facilitating trades in the form of limit orders.
Bitcoin (BTC) wrappers are tokens that represent BTC on other blockchain networks.
“Transactions will stop on Coinbase.com (Simple and Advanced Trading), Coinbase Exchange and Coinbase Prime,” Coinbase said.
“Your wBTC funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.
Source: Defillama
In the year On Aug. 9, BitGo — the custodian of WBTC's Bitcoin backing — agreed to give partial control to Hong Kong-based Bitcoin exchange BitGlobal, a multi-signature wallet that holds bitcoins.
“This announcement has proven controversial due to the involvement of Justin Sun, with many in the ecosystem showing signs of concern about the possible abuse of securities with the expression of concern about his related projects,” Threshold, a rival bitcoin wrapper, said in August.
According to Defillama, WBTC is still the most popular Bitcoin package, with more than $13 billion in total value locked (TVL).
“We regret and are surprised by Coinbase's decision to cancel WBTC,” Wrapped BTC told Cointelegraph on November 19.
“[W]I am always committed to providing the community with the most compliant, transparent and decentralized BTC token product,” he added.
“We ask Coinbase to reconsider this decision and continue to support WBTC trading.”
Related: Stop Panicking About Bundled Bitcoin – There Are Other Coins
Coinbase's WBTC competitor, Coinbase Wrapped BTC (cbBTC), which launched on September 12, has emerged as one of the most popular BTC wrappers.
In September, Coinbase was criticized for delaying the transparency of rival Bitcoin wrappers. They were also the target of unfounded rumors that Coinbase was issuing unsponsored Bitcoin IOUs to BlackRock, a crypto exchange-traded fund (ETF) sponsor.
A Coinbase spokesperson confirmed to Cointelegraph on September 30th that it plans to add Verified Reserve Verification to cbBTC.
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