- Coinbase has announced the suspension of trading for Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA) in New York
- The suspension will take effect on April 14, 2025, at 2:00 PM Eastern Time
- This decision is specific to New York users; trading in other regions remains unaffected
Coinbase has declared that it will halt trading for three memecoins—Floki, Turbo, and Gigachad—for its New York users starting April 14. This action is part of Coinbase’s routine asset monitoring to ensure compliance with its listing standards, and no specific rationale has been offered as to why these three have been removed. Notably, this suspension is limited to New York, with trading in other regions continuing as usual, and may be part of Coinbase’s attempt to obtain a New York BitLicense.
Coinbase Asset Monitor Says No
Coinbase announced its decision to suspend trading for FLOKI, TURBO, and GIGA tokens through its X account on 13 March:
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
The suspension is scheduled to commence on April 14, 2025, at 2:00 PM Eastern Time, with Coinbase emphasizing that this measure is confined to New York, meaning users in other regions will not experience any changes in their ability to trade these tokens.
BitLicense Incoming for Coinbase?
This move underscores the stringent regulatory environment in New York, known for its rigorous cryptocurrency oversight. The state’s Department of Financial Services (NYDFS) requires virtual currency businesses to obtain a ‘BitLicense’ to operate, which entails strict compliance and reporting standards. Coinbase’s decision to suspend trading for these specific tokens may be a proactive step to align with NYDFS regulations and mitigate potential compliance risks.
For New York-based users holding FLOKI, TURBO, or GIGA on Coinbase, while trading of these tokens will cease at 2:00 PM Eastern Time on 14 April, users will retain the ability to withdraw their assets to external wallets that support these tokens. Coinbase has advised affected users to plan accordingly, either by withdrawing their tokens to a personal wallet or selling them before the suspension date, depending on individual investment strategies and market conditions.
