Coinbase to Halt Trading of Meme Coins Floki, Turbo, and Giga in New York

Crypto exchange Coinbase said Wednesday it is suspending trading of three popular meme coins in New York, following a recent review of its listed assets.

The exchange is halting the trading of Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA) in New York starting April 14, 2025, at 2 PM ET, per an announcement on X.

While the tokens will remain listed, trading will be suspended for users in the state as part of the exchange’s regular monitoring of its platform, it said.

The announcement has drawn immediate speculation from legal experts, with Ariel Givener, founder of GivenerLaw, suggesting on X, “I’d put a lot of money on this being tied to a pending legal case in NY.” 

Despite the news, the market response has been muted. Floki gained 3.6%, Giga rose 1.1%, and Turbo saw a 5.4% increase in the last 24 hours, CoinGecko data shows.

In the case of Coinbase, the move follows the exchange’s November announcement that Floki would be added to its listing roadmap, which led the token to a five-month high. 

In December 2024, Turbo and Giga followed suit, jumping 15% and 37%, respectively, after their listing roadmaps were revealed. 

The price surge was attributed to the so-called “Coinbase Effect,” where tokens often experience price boosts when added to the exchange’s roadmap or listings, only to stabilize afterward.

Meme coins—crypto based on internet jokes, memes, or cultural references—have seen significant popularity in recent years. 

One of the most influential platforms driving this trend is Solana-based meme coin launchpad  Pump.fun, which, since its launch in January 2024, has spawned 8.5 million meme tokens, Dune Analytics data shows. 

The Securities and Exchange Commission under President Donald Trump’s administration recently clarified its stance on meme coins, saying such tokens typically do not qualify as securities under U.S. law. 

Meme coins “do not generate a yield or convey rights to future income, profits, or assets of a business,” and thus do not fall under its jurisdiction, the SEC said.

Describing the rise of meme coins as “modern value creation,” Tracy Jin, COO of crypto exchange MEXC, told Decrypt that in 2025, “the flagship of decentralized freedom is no longer Bitcoin, but an entire category of cryptocurrencies: meme coins, which started as simple jokes.” 

However, Jin warned, “Optimism should be met with a dose of caution,” as the market faces new risks and uncertainties.

While meme coins offer “significant opportunities for traders and investors worldwide”, Jin said, “the green light” for meme coin launches comes with high trading risks, requiring investors to increase their research and analytical efforts.

Edited by Sebastian Sinclair