- Coinbase will halt the trading of FLOKI, TURBO, and GIGA in New York on April 14, 2025.
- The decision sparked debate on accessibility and regulatory challenges for memecoins.
- FLOKI and GIGA prices have dropped, while the TURBO coin price has seen a modest surge.
Coinbase Inc., a leading US cryptocurrency exchange, has announced that trading for three trending memecoins—Floki Inu (FLOKI), Turbo coin (TURBO), and Gigachad (GIGA)—will be suspended 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, rooted in Coinbase’s routine asset review process, underscores the exchange’s commitment to regulatory compliance.
The halt, effective at 2 PM ET, will affect platforms like Coinbase.com (both Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime.
However, this restriction is exclusive to New York, leaving Floki crypto, Turbo coin crypto, and Gigachad (GIGA) available for trading elsewhere on Coinbase’s global network.
Market reaction
The Floki coin price has dropped by 3.6% and Gigachad (GIGA) has dropped 18.1%, while the Turbo coin price has surged by an impressive 2% within 24 hours of the news.
Turbo coin’s resilience suggests that investors and Turbo coin holders aren’t rattled by the New York-specific suspension.
Notably, these memecoins are relatively new additions to Coinbase’s roster. Floki Inu debuted on the platform in November 2024, followed by Turbo coin and Gigachad (GIGA) in December 2024. Their arrivals triggered notable price spikes, a hallmark of the so-called “Coinbase effect,” where listings boost token values.
The Floki coin and Turbo coin crypto saw significant gains post Coinbase listing as traders rushed in, a trend that Gigachad (GIGA) mirrored. However, the memecoins have since been on a roller coaster, dropping by double digits over the past month.
New York’s stringent regulations
Controversy has quickly followed Coinbase’s decision. Legal experts speculate that a pending case in New York might be influencing Coinbase Inc.’s move, though the exchange hasn’t confirmed this theory.
Others believe New York’s stringent regulations could be the reason for the suspension. Known for its tough stance on cryptocurrencies, the state’s framework contrasts with the US Securities and Exchange Commission’s recent ruling that memecoins like Floki Inu and Turbo coin don’t qualify as securities. This distinction—based on their lack of yield or asset rights—may shape how Coinbase navigates regional rules.
Critics in the crypto community argue that the suspension disadvantages New York-based Turbo coin holders and Floki coin enthusiasts, limiting their trading options. The abrupt halt has fueled debates about accessibility, with some questioning why Coinbase would restrict assets like Floki crypto in such a key market.
