Coinbase plans to delist WBTC on December 19, 2024, as the listing criteria have not been met. WBTC will be moved to limit-only mode, but withdrawals will still be possible. Coinbase's cbBTC, launched in September, is gaining market share for wrapped Bitcoin.
Coinbase, one of the largest cryptocurrency exchanges, has announced that it will delist Wrapped Bitcoin (WBTC) from its platform on December 19, 2024.
We regularly monitor assets on our exchanges to ensure they meet listing standards. Based on recent reviews, Coinbase will suspend trading on wBTC (wBTC) on December 19, 2024 at approximately 12:00 PM ET.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 19, 2024
This decision affects all Coinbase services, including Coinbase.com, Coinbase Exchange, and Coinbase Prime, and comes amid an ongoing evaluation of the exchange's listing standards.
As part of the transition, the WBTC order book was switched to limit-only mode. This allows users to place, cancel, and match limit orders, but limits other trading functionality.
The wBTC order book has been moved to limit order mode. Limit orders can be placed and canceled, and matches may occur.
If you have any questions regarding this update, please visit https://t.co/aZsdyDqkAS.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 19, 2024
Despite the trading suspension, Coinbase assured users that their WBTC holdings remain accessible and can be withdrawn at any time.
Wrapped Bitcoin (WBTC) does not meet Coinbase listing criteria
Coinbase said in a statement that the move is the result of a recent review that suggests Wrapped Bitcoin (WBTC) no longer meets listing criteria.
Although no specific reason was given, the announcement highlights Coinbase's commitment to maintaining regulatory compliance and providing high-quality assets for trading.
Notably, this delisting comes just months after Coinbase launched its own wrapped Bitcoin token, Coinbase Wrapped Bitcoin (cbBTC).
Introduced in September 2024, cbBTC is an ERC-20 token fully backed 1:1 by Bitcoin managed by Coinbase. Provides integration with decentralized applications (dApps) across networks such as Ethereum, Base, and Solana.
CbBTC is quickly gaining momentum, with a market capitalization of $1.3 billion and a circulating supply of over 15,000 tokens. The majority of cbBTC tokens (82%) are on Coinbase's Base network, with the rest distributed across Ethereum and Solana.
The growing popularity of cbBTC has established it as a strong competitor to WBTC in the DeFi ecosystem.
Wrapped Bitcoin (WBTC) has historically been the most widely used wrapped Bitcoin token in decentralized finance (DeFi), but Coinbase's move could signal a change in market dynamics. If other exchanges follow suit, WBTC adoption may decline further.
