Coinbase has announced the suspension of wBTC trading

BlockBeats News, December 20, Coinbase has announced the suspension of wBTC trading. Trading of wBTC on Coinbase Exchange and Coinbase Prime has been suspended, but users can still withdraw their funds at any time.

Previously on BlockBeats:

On December 19, United States District Judge Araceli Martínez-Olguín ruled to deny the temporary restraining order requested by Hong Kong-based company BiT Global, allowing Coinbase to proceed with its plan to delist Wrapped Bitcoin (WBTC) from its platform. The judge found that BiT Global failed to demonstrate that Coinbase's actions would cause "imminent and irreparable harm."

On October 10, WBTC completed its transition to a geographically distributed custody model. As per the collaboration agreement between BitGo and BiT Global, control of the underlying Bitcoin is now shared across Singapore, Hong Kong, and the United States. The new custody model utilizes a multi-signature protocol, requiring two signatures to approve any transaction and transfer funds from the wallets.