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- Following Coinbase’s delisting, FLOKI’s price dropped by 1%, Gigachad fell by 13%, while TURBO defied the trend with a 3.5% increase, showing mixed trader response.
- Coinbase continues advocating for regulatory clarity in the U.S., filing an FOIA request regarding SEC actions.
In a major announcement, US-based popular crypto exchange Coinbase has decided to delist three well-known meme coins – FLOKI (FLOKI), Turbo (TURBO), and Gigachad (GIGA) – leading to some speculations in the market. This development comes as part of the exchange’s routine review of all listed assets, and whether they still continue to meet the regulatory as well as compliance standards.
Why Did Coinbase Delist These Three Meme Coins?
Coinbase has announced the suspension of FLOKI, TURBO, and GIGA tokens in New York following a routine review to ensure listings adhere to compliance and risk standards. While the exchange did not disclose specific reasons for the delisting, potential factors include regulatory concerns, legal risks, or liquidity challenges.
Note that New York already has stringent crypto regulations that pose major challenges to some crypto tokens in order to maintain compliance. There’s a high possibility that FLOKI, TURBO, and GIGA might have dropped out of the city’s compliance bracket, thereby forcing Coinbase to remove them from the platform. In its official announcement on the X platform, Coinbase noted:
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.
The announcement of Coinbase delisting FLOKI, TURBO, and Gigachad in New York led to mixed market reactions. FLOKI’s price dipped by 1%, and Gigachad saw a sharper decline of 13%. Meanwhile, TURBO defied the trend, recording a 3.5% increase within 24 hours.
This varied price movement indicates a mixed response from traders, with some offloading the tokens in reaction to the news, while others have been capitalizing on the volatility.
Dealing With Regulators and Agencies
Following Donald Trump’s victory in the US Presidential election in November 2024, crypto exchange Coinbase has actively engaged in discussions around introducing greater regulatory clarity.
In the latest development, Coinbase has submitted a Freedom of Information Act (FOIA) request seeking to uncover the financial impact of the SEC’s crypto enforcement actions during the previous administration. The move aims to shed light on the costs associated with regulatory decisions in the cryptocurrency sector, as mentioned in our previous story.
Coinbase has resumed its crypto trading services in India after registering with the country’s Financial Intelligence Unit (FIU), following a prior halt due to regulatory challenges. Additionally, the exchange has implemented Proof of Reserves for cbBTC, ensuring full Bitcoin backing as a measure to address growing concerns about stability in the crypto market, as reported earlier.
