Coinbase users in New York can now trade the popular dog-themed meme coin Dogwifhat in one of the most tightly regulated cryptocurrency markets.
According to a Dec. 3 announcement, Coinbase has made Dogwifhat (WIF) available for users in New York who can now “buy, sell, convert, send, receive or store” on the exchange’s website, iOS and Android applications.
dogwifhat (WIF) is now available to New York residents on https://t.co/CD3RBjtMAO & in the Coinbase iOS & Android apps.
— Coinbase Assets 🛡️ (@CoinbaseAssets) December 2, 2024
New York State enforces specific cryptocurrency business regulations, requiring companies to secure either a BitLicense or a limited purpose trust charter from the New York State Department of Financial Services to operate within its jurisdiction. This licensing ensures that platforms like Coinbase meet high standards of consumer protection and operational integrity.
Coinbase stressed that its NYFDS license allows it “to engage in Virtual Currency Business Activity” while ensuring full compliance with the state’s stringent regulatory framework.
Dogwifhat was initially listed for spot trading on Coinbase on Nov. 14, a move that triggered an over 40% rally for the meme coin. WIF also secured a listing on Robinhood on Nov. 25.
Listings on Tier-1 exchanges like Coinbase and Binance are typically viewed positively within crypto communities, as they signal credibility and provide access to a broader investor base. Since the recent announcement, Dogwifhat has rallied over 5%, trading at $3.23 at the time of writing and boasting a market capitalization of $3.22 billion.
The development has resonated well within the Dogwifhat community, with users suggesting that the move would help push WIF prices higher. See below.
Some users have also called on the exchange to consider listing the dog-themed meme coin Neiro (NEIRO), but Coinbase has shifted its focus to the TikTok-inspired meme coin Moo Deng, which is next in its listing roadmap.
Amid the backdrop, the exchange has also advanced efforts to enhance its user experience by integrating Apple Pay into its onramp platform on Dec. 2. According to the exchange, the integration streamlines transactions, allowing users to complete purchases in seconds while benefiting from Apple Pay’s built-in security measures.
