Leading crypto exchange Coinbase is set to delist some top memecoins for New York customers.
On Wednesday, March 12, the exchange disclosed that it would delist FLOKI (FLOKI), Gigachad (GIGA), and Turbo (TURBO) for New York customers on April 14 around 2 pm ET.
According to Coinbase, after a recent review, FLOKI, GIGA, and TURBO no longer met their listing standards.
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 exchange does appear to have different listing standards for New York compared to its global business. While it listed FLOKI for trading on the global exchange in November 2024 and GIGA and TURBO in December 2024, it only made the trio available for trading in New York on January 30, 2025.
One reason for this disparity could be New York’s financial regulations, which are widely regarded as more stringent than those of other regions.
Nonetheless, MonkeDAO Lawyer Ariel Givner has suggested that there could be another reason for the recent delistings.
“I’d put a lot of money on this being tied to a pending legal case in NY,” the attorney wrote in response to the move.
I’d put a lot of money on this being tied to a pending legal case in NY. https://t.co/Bb98K3j9iJ
— Ariel Givner (@GivnerAriel) March 12, 2025
The exchange is indeed facing a class action suit in the state, accusing it of selling securities without the required licenses. The case was initially dismissed in February 2023 but has recently been reopened following a successful appeal.
Regardless, the recent delistings are a fresh blow to a crypto sector that has been battered in recent months amid high-profile scandals like Argentine President Javier Milei’s LIBRA token launch. GIGA, for example, is trading at $0.01239, nearly 90% below its all-time high of $0.09630, which it attained in January 2025.
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