'Justin Sun-affiliated' BiT Global…Settlement of Legal Dispute with Coinbase

JOON HYOUNG LEE

Summary

BiT Global and Coinbase announced that they have settled their legal dispute related to Wrapped Bitcoin (WBTC).
Under the agreement, no further lawsuits can be filed in the future, and both parties will bear their own legal costs.
Coinbase stated that it will maintain its listing standards for reasons of customer security and regulatory compliance, suggesting that investors should remain cautious.

Hong Kong-based virtual asset exchange BiT Global and US-based virtual asset exchange Coinbase have reached an agreement to settle their legal dispute regarding Wrapped Bitcoin (WBTC).

According to CoinDesk on the 7th (local time), BiT Global submitted documentation related to the dismissal of its lawsuit against Coinbase to a US court on the 6th. CoinDesk reported, "(The documents) mean that new lawsuits cannot be filed in the future," adding, "The submitted documents specify that both companies will bear their own legal costs."

The legal dispute between BiT Global and Coinbase began last year when Coinbase delisted Wrapped Bitcoin. Coinbase delisted Wrapped Bitcoin issued by BiT Global, citing its association with Justin Sun, the founder of TRON (TRX). BiT Global is a company supported by Justin Sun.

Regarding the settlement, Coinbase stated, "This result proves that we have the right to manage user security and risk." Paul Grewal, Chief Legal Officer (CLO) at Coinbase, said on X on the 7th, "Coinbase maintains high listing standards by prioritizing customer trust and regulatory compliance," adding, "We will not yield to pressure to list assets that could pose risks to customers."

TRX

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