FLOKI Team: Coinbase NY Halt “Minimal Impact,” Not a Delisting

• Floki Inu team calls the news of being delisted from Coinbase false, as the token is only being delisted from New York
• New York accounts for only 2-5% of FLOKI’s total volume on Coinbase
• The delisting is likely due to the state’s strict requirements, as other meme coins are being affected as well

The Floki Inu team has responded to recent rumors regarding its alleged delisting from Coinbase, saying that the situation has been misrepresented and taken out of context. While some crypto enthusiasts were alarmed by claims that Coinbase would no longer support FLOKI, the official response denies everything and calls it FUD (fear, uncertainty and doubt).

What is happening though, is that Coinbase is halting FLOKI trading in the state of New York due to regulatory constraints. This change affects only a small part of users rather than FLOKI’s overall trading and liquidity.

The project noted that New York accounts for only 2-5% of FLOKI’s total volume on Coinbase, which itself only makes up about 1% of the token’s global trading volume. The FLOKI team assures that even if the token was ever removed from Coinbase, the impact would be minimal.

New York’s Strict Crypto Regulations: The Reason

The confusion started due to New York’s historically restrictive stance on cryptocurrency. The state has long been known for its BitLicense regulatory framework, which imposes strict requirements on crypto exchanges and tokens seeking approval for trading within the state. Thus, many cryptocurrencies have struggled to meet these requirements.

For example, out of the multitude of meme coins out there, Coinbase listed only six meme coins (BONK, PEPE, WIF, FLOKI, TURBO, and GIGA) in New York this cycle (since the last Bitcoin halving that took place in May 2024). 

Interestingly, FLOKI, TURBO, and GIGA were all listed in New York at the same time just 1.5 months ago, and now all three are being affected by the trading halt. This probably gives merit to the idea that at the center of all the ruckus is a policy decision rather than an issue specifically targeting FLOKI.

FLOKI: Looking Beyond New York

Despite the news, FLOKI has made major steps in gaining mainstream recognition. Just a few months ago, the Global Markets Advisory Committee of the Commodity Futures Trading Commission (CFTC) highlighted FLOKI as a case study of a utility token in a report. Only Ethereum and Avalanche were also included as part of the CFTC’s initiative to determine the classification of specific digital assets.

In the end, the FLOKI team is urging users not to fall for misinformation, adding that the token continues to be one of the most traded memecoins globally, alongside Dogecoin (DOGE) and Shiba Inu (SHIB).