Coinspeaker
Mar 14, 2025
10 0

Coinbase to Suspend Trading of FLOKI, TURBO, and GIGA in New York

1 min

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.