Coinbase will suspend trading of Floki, Turbo and Giga in New York on April 14, 2025. The decision sparked debate on Memocoin’s accessibility and regulatory challenges. Prices for Floki and Giga have fallen, but turbocoin prices have seen a slight surge.
Coinbase Inc., the leading US cryptocurrency exchange, has announced three trending Mimecoin (Floki), Turbocoin (Turbo), and Gigachado (Giga) transactions to be suspended in New York from April 14, 2025.
We regularly monitor our exchange assets to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Floki (Floki), Floki), Turbo (Turbo) and Gigachad (Giga) in New York only at 2pm or 2pm on April 14, 2025.
– Coinbase Assets 🛡️ (@CoinbaseAssets) March 12, 2025
The decision, rooted in Coinbase’s daily asset review process, highlights the exchange’s commitment to regulatory compliance.
An ET outage that is valid at 2pm will affect platforms such as Coinbase.com (both simple and advanced trading), Coinbase Exchange, and Coinbase Prime.
However, this limit is exclusive to New York, allowing Floki Crypto, Turbo Coin Crypto and Gigachad (Giga) to trade elsewhere on Coinbase’s global network.
Market reaction
The price of Floki Coin fell 3.6%, while Gigachad (Giga) fell 18.1%, while the price of Turbocoin rose an impressive 2% within 24 hours of the news.
Turbo Coin’s resilience suggests that investors and turbo coin holders are not rattling with New York-specific stops.
In particular, these Memecoins are relatively new additions to Coinbase’s roster. Floki Inu debuted on the platform in November 2024, followed by Turbocoin and Gigachado (GIGA) in December 2024.
Floki Coin and Turbo Coin Crypto earned significant profits after Coinbase listing when traders ran in. But since then, Memecoin has been on a roller coaster, falling just double digits for the past month.
Strict regulations in New York
The controversy soon followed Coinbase’s decision. Legal experts speculate that a pending New York case may have influenced the moves of Coinbase Inc., but this theory does not confirm this theory.
Some believe that strict New York regulations could be the reason for the suspension. The state’s framework, known for its strict attitude towards cryptocurrency, is in contrast to the recent Securities and Exchange Commission ruling that memocoins like Floki inu and Turbocoin do not qualify as securities. This distinction is based on a lack of yield or asset rights, but can shape how Coinbase navigates local rules.
Critics of the Crypto Community claim the suspension is at a disadvantage to New York-based turbo coin holders and Floki Coin enthusiasts and limiting trading options. The sudden halt has fueled discussions about accessibility and question why Coinbase is limiting assets like Floki Crypto in such a critical market.
