Coinbase Halts Trading of Meme Coins Including Floki, Turbo, and Giga in New York

# Coinbase to Halt Trading of Popular Meme Coins in New York Coinbase, a leading U.S. cryptocurrency exchange, will stop trading three popular meme coins—Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA)—in New York starting April 14. The announcement was made on April 13 via the platform formerly known as Twitter, Decrypt reported. According to Coinbase, the decision follows a regular asset review. "Based on our routine asset assessment, we have decided to suspend trading of Floki, Turbo, and Gigachad in New York," the company stated. However, these assets will remain listed on the exchange, and the trading suspension will only affect users in New York state. # Legal Risks and Market Response Minimal Legal experts suggest that the decision may be tied to potential legal risks. Ariel Givener, founder of GivenerLaw, speculated on social media that the move could be related to ongoing legal issues in New York. Interestingly, the market response to this announcement was subdued. Data from CoinGecko showed that Floki rose by 3.6%, Gigachad by 1.1%, and Turbo by 5.4%. This action follows Coinbase's addition of Floki to its listing roadmap last November, which saw the coin reaching an all-time high in just five months. In December, Turbo and Gigachad were also added, leading to increases of 15% and 37%, respectively. # Meme Coin Market: Growth and Risks Coexist Meme coins, which are cryptocurrencies based on internet memes or trends, have been expanding rapidly. Solana-based meme coin launching platform Pump.fun has spearheaded this growth by releasing more than 8.5 million meme coins since January last year. Meanwhile, the U.S. Securities and Exchange Commission (SEC) has clarified its stance on meme coins. According to the SEC, meme coins do not qualify as securities since they do not guarantee profits or assets. Nevertheless, caution in the market is advised. Tracy Jin, Chief Operating Officer of MEXC, noted, "By 2025, meme coins could symbolize cryptocurrency freedom more than Bitcoin." However, she warned against excessive optimism, stating, "Meme coin trading can be highly risky, and investors need to perform thorough analyses."