Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has announced the suspension of trading for three popular memecoins—FLOKI (FLOKI), Turbo (TURBO), and Gigachad (GIGA)—in New York. The decision, which takes effect on April 14, 2025, at 2 PM ET, has triggered volatility in the market, with prices reacting sharply to the news.
Why Is Coinbase Suspending These Tokens?
Coinbase routinely reviews the assets listed on its platform to ensure compliance with regulatory standards. While the exchange did not provide specific reasons for the delisting, experts suggest that New York’s stringent crypto regulations could be a key factor.
New York has some of the most rigorous financial regulations in the U.S., requiring crypto firms to comply with the state’s BitLicense framework. Many digital assets struggle to meet these standards, leading to periodic suspensions. FLOKI, TURBO, and GIGA may have failed to meet compliance or liquidity thresholds set by regulators.
Market Reaction: Prices Show Mixed Responses
Following Coinbase’s announcement, the three memecoins saw varying price reactions. FLOKI dropped by 1%, while GIGA experienced a significant 13% plunge. Interestingly, TURBO defied the trend, surging by 3.5% within a day, suggesting that traders remain divided on the impact of the suspension.
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
Despite the move being limited to New York, investors fear broader implications for the availability of these tokens across the U.S. If regulatory scrutiny increases, other states may follow suit, leading to further delistings and price swings.
What’s Next for These Memecoins?
While the suspension is a setback, it does not necessarily spell the end for these tokens. FLOKI, TURBO, and GIGA will remain tradable in other regions, and developers may seek alternative exchange listings to maintain liquidity.
Also Read: Coinbase to Launch 24/7 BTC, ETH Futures in US, Challenging CME & Robinhood
For investors, this development underscores the risks associated with trading highly speculative assets. As regulatory pressure mounts, staying informed about exchange policies and compliance issues is crucial in navigating the volatile crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
