The recent rumors surrounding the alleged delisting of Floki Inu from Coinbase have been clarified by the Floki Inu team as misleading and taken out of context. Despite concerns raised by the crypto community, the official response from the team dismisses the claims as FUD (fear, uncertainty, and doubt).
It has been revealed that Coinbase is indeed suspending FLOKI trading specifically in the state of New York due to regulatory constraints. This change affects only a small percentage of users and does not impact FLOKI’s overall trading and liquidity on the platform.
The team emphasized that New York accounts for a mere 2-5% of FLOKI’s total volume on Coinbase, which itself constitutes only about 1% of the token’s global trading volume. Even if FLOKI were to be delisted from Coinbase entirely, the impact would be minimal.
The confusion arose from New York’s stringent regulations on cryptocurrency, particularly the BitLicense framework, which imposes rigorous requirements on crypto exchanges and tokens seeking approval for trading within the state. Many cryptocurrencies have struggled to meet these requirements, leading to limited availability on platforms like Coinbase.
Coinbase has listed only a select few meme coins in New York, including FLOKI, TURBO, and GIGA. The recent trading halt affecting these tokens suggests that it is more of a policy decision related to New York’s regulatory environment rather than a specific targeting of FLOKI.
Despite these challenges, FLOKI has made significant strides in gaining mainstream recognition. Recently, the Commodity Futures Trading Commission (CFTC) highlighted FLOKI as a case study of a utility token, alongside Ethereum and Avalanche. This recognition underscores FLOKI’s potential and utility in the crypto space.
In conclusion, the FLOKI team urges users not to be swayed by misinformation and reiterates that the token remains one of the most traded memecoins globally, alongside popular tokens like Dogecoin and Shiba Inu. It is essential for investors to exercise caution and stay informed amidst the evolving regulatory landscape in the crypto industry.