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    BiT Global Digital sues Coinbase for $1 billion amid monopoly accusations, Bit Trade fined in Australia, Vancouver explores Bitcoin integration, and US judge rebukes FDIC over crypto communication handling

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    BiT Global Digital is suing crypto exchange, Coinbase, for $1bn over accusations of trying to monopolize the Wrapped Bitcoin market. Meanwhile, Bit Trade has been fined 8 million AUD for not following design and distribution rules and operating as an unlicensed credit provider. Elsewhere, Vancouver is looking into incorporating Bitcoin into their financial operations. Lastly, a US federal judge criticized the Federal Deposit Insurance Corporation for its ‘lazy’ handling of crypto letters redactions to banks.

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    BiT Global Digital is suing the crypto exchange Coinbase for over $1 billion, claiming that Coinbase’s decision to remove Wrapped Bitcoin from their platform negatively affected the crypto market. BiT Global accuses Coinbase of trying to push its own version of Wrapped Bitcoin, cbBTC, at the expense of the original asset.

    The lawsuit comes with major accusations involving the Sherman Act, including trying to monopolize the Wrapped Bitcoin market and spreading false information about Wrapped Bitcoin’s eligibility for listing. Coinbase’s head legal guy, Paul Grewal, says that if an asset doesn’t meet their standards, they won’t list it.

    In other news, Bit Trade, who run Kraken Australia, have been fined a whopping 8 million AUD (roughly 5.1 million USD) by Justice John Nicholas. The company was found guilty of not following the rules around design and distribution and operating as a credit provider without the necessary license. The authorities originally wanted almost $13 million but that was viewed as too much, while Bit Trade’s suggestion of $2.5 million was seen as not enough.

    Moving over to Canada, Vancouver is exploring becoming a friendly city for Bitcoin users with the city council okaying a motion to look into integrating Bitcoin into their financial operations, maybe even building a Bitcoin reserve. The motion was introduced by Mayor Ken Sim, aiming to help secure the city’s future for the next century.

    On the topic of not-so-friendly action, a US federal judge has hit out at the Federal Deposit Insurance Corporation (FDIC) for their handling of the redaction of crypto letters to banks. The judge slammed the FDIC for making what she called ‘lazy’ redactions and instructed them to make more thoughtful edits and refile the letters by early next year.

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