Coinbase is suspending trading of Floki, Turbo, and Gigachad in New York, citing a compliance review but providing few details.
Traders criticized the move, accusing Coinbase of profiting from memecoins before leaving investors stuck holding them.
Despite memecoins reaching a $49.2 billion market cap, the SEC confirmed they are not securities, while Trump’s own memecoin caused $2 billion in investor losses.
Coinbase is pulling the plug—at least temporarily—on three popular memecoins in New York state. The exchange announced on Wednesday that Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA) will be suspended from trading starting April 14, 2025.
Solana memecoin $GIGA (@GIGACHAD_meme) has dumped -85% since being listed on Coinbase
However, $GIGA will be suspended on Coinbase starting April 14th for New York users
Coinbase Cites Compliance Review, but Details Are Murky
According to Coinbase, the decision came after a routine review of listing standards. However, the company didn’t clarify exactly why these specific tokens were targeted, leaving traders frustrated and speculating.
“You listed these memecoins to capture volume, now people are stuck holding bags with no way to exit,” one user vented on social media.
“Exchanges made a killing off memecoins—now that volume’s drying up, they’re quietly dropping them,” another added.
Memecoins have exploded in popularity, with the sector reaching a staggering $49.2 billion market cap. Despite their speculative nature, regulators have taken a surprisingly hands-off approach.
Earlier this year, the U.S. Securities and Exchange Commission (SEC) stated that memecoins are not securities, meaning they don’t require formal registration.
Even President Donald Trump jumped into the memecoin frenzy, launching his own token—which ultimately led to over $2 billion in losses for retail investors.
For now, Floki, Turbo, and Gigachad remain tradable outside New York, but the sudden suspension raises bigger questions about how exchanges handle risk, regulation, and the inevitable memecoin cycles.
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