Coinbase to Halt Trading of FLOKI, TURBO, and GIGA in New York
- Coinbase will suspend trading for FLOKI, TURBO, and GIGA in New York on April 14, 2025.
- The decision has raised concerns about accessibility and regulatory challenges for memecoins.
- Prices of FLOKI and GIGA have dropped, while TURBO has seen a modest surge.
Coinbase Inc., one of the leading cryptocurrency exchanges in the US, has announced that it will halt trading for three popular memecoins—Floki Inu (FLOKI), Turbo coin (TURBO), and Gigachad (GIGA)—in New York starting April 14, 2025.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for FLOKI (FLOKI), Turbo (TURBO), and Gigachad (GIGA) in New York only on April 14, 2025, on or around 2 PM ET.
— Coinbase Assets
(@CoinbaseAssets) March 12, 2025
This decision, part of Coinbase’s regular asset review process, demonstrates the exchange’s commitment to regulatory compliance.
Market Reaction
Following the announcement, the price of FLOKI dropped by 3.6% and GIGA by 18.1%, while TURBO saw a 2% surge within 24 hours.
TURBO’s price increase indicates that investors and holders remain confident despite the suspension in New York.
These memecoins were recently added to Coinbase, with Floki Inu joining in November 2024, followed by Turbo coin and Gigachad in December 2024. The listing of these coins led to significant price spikes, known as the “Coinbase effect.”
While initially seeing gains, these memecoins have experienced fluctuations in value over the past month.
New York’s Regulatory Environment
Coinbase’s decision has sparked controversy, with some speculating that ongoing legal cases in New York may have influenced the move.
Others believe that New York’s strict regulations on cryptocurrencies played a role in the suspension. The state’s regulatory framework differs from the recent SEC ruling that memecoins like FLOKI and TURBO do not qualify as securities due to their lack of yield or asset rights.
Critics argue that the suspension disadvantages New York-based holders and enthusiasts, raising concerns about accessibility in key markets.
