FTM-PERP Trading Suspension and CFTC Scrutiny Add Pressure on Coinbase

Coinbase has announced it will suspend trading for FTM-PERP on January 24, 2025, at around 10:30 AM UTC, as announced in their X post. These restrictions will apply to Coinbase International Exchange still as Coinbase Advanced.

Coinbase to Suspend Trading for FTM-PERP on January 24

FTM Traders React to Upcoming Suspension

Coinbase paused FTM trading in 2025, around the same time the Commodity Futures Trading Commission (CFTC) began investigating the Polymarket case. The CFTC reportedly served a subpoena on the firm, seeking to obtain customers’ data on the platform. Coinbase also notified its customers that it may be required to turn over account details to authorities but that no immediate action will be taken.

This investigation comes amid a transition in leadership at the CFTC. Current Chair Rostin Behnam is set to leave office on January 20, 2024, following a shift in administration from Biden to Trump. These developments could pose challenges to Coinbase's operations, especially as the exchange grapples with increasing regulatory scrutiny.

What’s Next for the Market?

Whenever a trading instrument like FTM-PERP is suspended and a regulatory agency investigation unfolds, market participants begin to speculate on the future of the platform or coin in question, in this case, Fantom (FTM). With the upcoming rebranding of FTM to Sonic and the broader market dynamics, the fate of the token remains uncertain.

Traders are advised to pay close attention to announcements from Coinbase and relevant statutory bodies. Market participants are also keeping an eye on how the crypto regulatory landscape evolves in the United States, particularly under new leadership at the CFTC or the federal government, which could impact the cryptocurrency market in the coming months.