Coinbase Suspends Meme Coin Trading in New York Amid Regulatory Scrutiny

Coinbase has announced that, as of April 14, 2025, it will stop trading three popular meme coins—Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA)—for users in New York.

The decision follows a review of the platform’s listed assets. Although these tokens will remain on the platform, users in New York will no longer be able to trade them. This move is part of Coinbase’s ongoing platform monitoring.

Legal analysts have quickly speculated that this might be linked to an ongoing legal case in New York, as suggested by Ariel Givener, a legal expert on X.

In another development, Coinbase has received approval to offer cryptocurrency trading in India, marking a significant step toward re-entering one of the world’s largest crypto markets. The exchange had previously exited India in 2023 due to regulatory challenges but plans to resume services later this year.

The decision to list Floki in November 2024 had triggered a five-month price surge for the token, while Turbo and Gigachad saw significant gains after their listing announcements in December. These price fluctuations are often attributed to the “Coinbase Effect,” where coins gain momentum following their roadmap or exchange listing but eventually stabilize.