Coinbase NY will stop “minimal impact” but not delisting

• Floki INU team calls news from Coinbase False that the tokens will be delisted as they are only deprecated from New York
• New York accounts for just 2-5% of the total amount of flokes on Coinbase
• Other meme coins are also affected, so delisting is due to strict state requirements

The Floki INU team responds to recent rumors about alleged delisting from Coinbase, saying the situation has been misrepresented and out of context. Some cryptography enthusiasts were wary of the allegations that Coinbase no longer supports Floki, but the official response denies everything and calls it FUD (fear, uncertainty, doubt).

But what’s going on is that Coinbase has suspended Floki’s trading in New York due to regulatory constraints. This change affects only a small portion of our users, not Floki’s overall trading and liquidity.

The project pointed out that New York accounts for just 2-5% of the total amount of flokes on Coinbase. The Floki team ensures that even if the token is removed from Coinbase, the impact will be minimal.

Strict New York Crypto Regulations: Why

The confusion began with New York’s historically restrictive stance on cryptocurrencies. The state has long been known for its Bitlicense regulatory framework, imposing strict requirements on crypto exchanges and tokens in pursuit of approval for transactions within the country. Therefore, many cryptocurrencies struggle to meet these requirements.

For example, Coinbase has listed only six New York meme coins (Bonk, Pepe, Wif, Floki, Turbo, Giga) out of the numerous meme coins (after half of the last bitcoin 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, with all three currently being affected by the suspension of trading. This probably benefits the idea that at the heart of all Ruckus is not a problem of specifically targeting Floki, but a policy decision.

Floki: Looking beyond New York

Despite the news, Floki took a big step towards gaining mainstream recognition. Just a few months ago, the Commodity Futures Trading Commission (CFTC) Global Market Advisory Committee highlighted Floki as a case study of utility tokens in the report. Only Ethereum and avalanches were included as part of the CFTC initiative to determine the classification of a particular digital asset.

Ultimately, the Floki team is urging users not to fall into misinformation, adding that the token, along with Gogecoin (Doge) and Shiba Inu (Shib), remains one of the most traded memo coins in the world.