Coinbase announced Wednesday that it will suspend trading of three meme coins—Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA)—for users in New York. The suspension takes effect on April 14, 2025, at 2 PM ET. The exchange said the decision follows a routine asset review.
The tokens will remain available on Coinbase. However, New York-based users will lose trading access. Coinbase stated that the suspension is part of its regular monitoring process.
The move has sparked speculation among legal analysts. Ariel Givener, founder of GivenerLaw, suggested on X, “I’d put a lot of money on this being tied to a pending legal case in NY.” Coinbase has not disclosed specific regulatory concerns.
Despite the news, market reactions have been stable. CoinGecko data shows Floki rose 3.6%, Giga gained 1.1%, and Turbo increased by 5.4% in the past 24 hours.
Coinbase added Floki to its listing roadmap in November 2024. The announcement triggered a surge in the token’s price to a five-month high. Turbo and Giga followed in December 2024, gaining 15% and 37%, respectively. This pattern follows the “Coinbase Effect,” where tokens spike in value after listing announcements but later stabilize.
Meme coins, based on internet culture, have gained massive popularity. A key driver of this trend is Pump.fun, a Solana-based launchpad. Since launching in January 2024, it has helped create around 8.5 million meme tokens, according to Dune Analytics data.
As cryptocurrency regulations evolve, this suspension raises questions about possible legal scrutiny in New York.
More: Metaplanet Continues to Buy More Bitcoin
Regulations Continue to Expand
Meanwhile, regulatory efforts are expanding globally. The New York Department of Financial Services (NYDFS) and the Bank of England (BOE) have partnered to launch the Transatlantic Regulatory Exchange (TRE), a program aimed at harmonizing crypto regulations. Announced on January 13, the initiative promotes collaboration and knowledge sharing on digital assets and payment systems.
The TRE includes a staff exchange program started in February, allowing senior regulatory professionals from both organizations to share expertise. It focuses on digital payments, distributed ledger technology, and digital assets, strengthening cross-border regulatory capabilities.
