Coinbase to Suspend Trading of FLOKI, TURBO, and GIGA in New York
On March 13, Coinbase announced it will suspend trading for FLOKI, TURBO, and GIGA in New York, effective April 14, 2025, at 2 PM ET. This decision follows a routine asset review.
Key points include:
- FLOKI dropped by 15.98%, TURBO by 16.40%, and GIGA by 29.11% over the past week.
- The move raises concerns about regulatory compliance in New York’s strict environment.
- Companies must obtain a BitLicense to operate in New York, enforcing stringent compliance standards.
- The “Coinbase Effect” previously caused price spikes upon listing; FLOKI reached a five-month high after its November 2024 addition.
- Meme coin sector market cap declined by 35% in the last month, now at $48.15 billion.
- Delisted tokens remain tradeable outside New York, indicating heightened regulatory challenges for meme coins.
In response, FLOKI stated that the suspension affects only 2-5% of its trading volume on Coinbase and emphasized that the delisting suggests broader regulatory issues rather than targeting FLOKI specifically.