Coinbase Winds Down Leveraged Gram Trading

TL;DR. Coinbase is winding down leveraged Gram trading — Gram being the former Toncoin — by discontinuing its perpetual futures contracts at 9:00 p.m. UTC on June 17, 2026. Open positions are settled automatically. This removes one of the key leveraged products for the US market, but spot balances, wallets, and ordinary buy/sell are unaffected. The move coincided with Toncoin’s rename to Gram (ticker GRAM) on June 15, though Coinbase did not confirm a direct link. There is no reason to panic: for most holders this is a high-risk instrument that only a minority used anyway.

What exactly happened

Coinbase announced it is discontinuing support for perpetual contracts on Gram (formerly Toncoin). Trading halts at 9:00 p.m. UTC on June 17, 2026, after which all open positions are settled automatically at the last available price. Perpetual futures (“perps”) are leveraged derivatives: they let you trade with borrowed funds, amplifying both potential profit and liquidation risk.

The exchange did not state a specific reason. In cases like this, venues typically cite a review of liquidity, trading volume, or regulatory compliance — but here no official explanation was given. It is important to stress that this concerns a leveraged product, not a delisting of the asset.

Why this is happening now

The event overlapped with a major network rebrand. On June 15, 2026, Toncoin officially changed its name to Gram (ticker GRAM) following a community vote that passed with 81.22% support. Only the name, ticker, and logo changed; the blockchain stayed the same — it is still the TON network, and balances and addresses did not change. A full breakdown is in Toncoin Renamed to Gram: What It Means.

Coinbase shut the perps just two days after the rebrand. The exchange did not confirm any causal link, and it is important not to treat the timing as proven cause. Still, several factors form the backdrop against which exchanges tend to adjust leveraged products.

Regulatory uncertainty in the US

The asset’s classification in the US remains ambiguous: the dispute over whether it is a commodity (CFTC’s turf) or a security (SEC’s turf) directly affects which products an exchange is willing to offer US residents. We covered that tension in SEC vs CFTC: Classification in the US. Derivatives are the most heavily regulated segment, so when there is any uncertainty, they are trimmed first.

Liquidity and volume of the specific instrument

A perpetual contract needs sufficient market depth for the exchange to maintain a fair price and manage liquidations. If volume on a specific perp is low, the venue may close it as operationally unattractive — independent of the spot market’s health.

Risk management during a rebrand

A rebrand is a period of elevated volatility, a phishing spike, and ticker confusion. Closing a high-risk leveraged product at precisely this moment may be a conservative risk-management measure rather than a signal against the asset itself.

What it means for US users

For the vast majority of Gram holders in the US, the practical consequences are minimal:

• Spot is unaffected. Buying, selling, and holding Gram on Coinbase continue to work normally.
• Balances are safe. The wind-down concerns contracts, not the tokens themselves. Your Gram has not gone anywhere.
• Only open-perp holders are affected. If you had an open perpetual position, it was settled automatically at the halt — check your trade history and the final settlement.

It is worth noting honestly (this is an editorial assessment) that a leveraged product leaving the largest regulated US venue is a symbolically unwelcome signal for the US market. It narrows the toolkit and may slightly dampen trading activity around the asset in that jurisdiction. But it is not a delisting and not a verdict on the spot market.

Which alternatives remain

If you specifically want spot, the choice is wide — we keep a review of current venues in Exchanges Where Gram Trades. Spot trading is simpler, carries no forced-liquidation risk, and covers everything most users need.

If you specifically want leverage, leveraged Gram products remain on several international exchanges and decentralized venues (perp DEXs). But a clear head matters here:

• leverage multiplies losses and liquidation risk;
• access to foreign venues from the US may be restricted for regulatory reasons;
• before using any venue, verify its jurisdiction, reputation, and terms.

For most holders, the sensible strategy during news-driven noise is to stay in spot and not add risk. Leverage is a tool for a small share of experienced traders who understand liquidation mechanics.

Context: market and other Gram news

The perps wind-down is just one episode in a busy stretch for Gram. We analyzed the price and TVL reaction to the rebrand itself in Gram Market Reaction: Price and TVL. In parallel, other storylines are running — from regulatory pressure on Telegram in certain countries to the development of institutional products and bridge infrastructure. Each such event adds volatility, but none change the fundamental fact: the TON network is running, balances are untouched, and the rebrand happened with no technical migration.

Bottom line

Coinbase is winding down leveraged Gram (formerly Toncoin) trading — closing its perpetual contracts at 9:00 p.m. UTC on June 17, 2026, with positions settled automatically. This removes a notable leveraged instrument for the US market and coincided with the rebrand, though the exchange gave no direct reason. The key point for holders: spot, balances, and wallets are unaffected, there is no need to respond to phishing disguised as “migration,” and those who still want leverage have international venues — with a caveat for elevated risk and regulatory restrictions.