Coinbase Will Suspend Wrapped Bitcoin Trading
Coinbase yesterday announced the suspension of Wrapped Bitcoin (WBTC) trading on all its platforms, including Coinbase.com and Coinbase Prime, effective December 19, 2024 at approximately 12 p.m. ET. Users will still be able to transfer WBTC tokens off the platform after its delisting.
The exchange has already shifted its WBTC order books to limit-only mode, allowing users to place and cancel limit orders. However, matches are still possible until the suspension takes effect. WBTC, which is the largest tokenized version of Bitcoin and operates on Ethereum and other blockchains, has been a popular choice for those seeking interoperability between Bitcoin and decentralized finance (DeFi) platforms.
While Coinbase did not provide specific reasons for the delisting, it stated that the decision was made as a result of its “most recent review.”
The WBTC team responded to the announcement with disappointment, emphasizing their commitment to compliance, transparency, and decentralization, and describing their product as the “most decentralized wrapped BTC solution on the market.”
