Big Eyes Coin Hits $33 Mn! Crypto Bull Run Continues Despite SEC Crackdown on Binance and Coinbase
Big Eyes Coin(BIG), a new cat-themed meme coin, has raised a whopping $33 million in its pre-sale. The crypto bull run continues to reach new heights despite the US regulators’ crackdown on crypto industry giants such as Binance and Coinbase.
SEC vs Crypto Industry
The cold war between the US Securities and Exchange Committee has become more evident after FTX, a cryptocurrency exchange, collapsed in 2022. Although the SEC, the US independent agency that enforces laws against market manipulation, has tightened regulations on the cryptograph. industry since 2017, the FTX collapse has given it a solid reason to crack down on digital assets.
At the end of 2022, one of the largest crypto exchanges in the digital currency industry, FTX, went bankrupt, causing the coveted crypto market to fall below $1 trillion in market capitalization. It created a chain reaction that still affects the economic stability of the virtual and real world. Due to the FTX crisis, the California-based crypto-friendly Silvergate Bank and Signature bank went bankrupt in March 2023, creating a banking crisis in the United States.
As a result, investors around the world started using cryptocurrencies as a shield against the banking crisis, resulting in a bull run in the market.
After the US government stepped in to bail out the bankrupt financial institutions, the price of cryptocurrencies skyrocketed to reach new highs. Bitcoin (BTC) price hit $29,000, the highest in nine months. Ethereum, the second largest cryptocurrency in the market, also passed $1,800. As the bull run continued, the SEC intensified its crackdown on the crypto industry.
In February, the SEC issued a “well notice” to Paxos, a New York-based financial and institutional and technology company, regarding the sale of Binance USD as an unregistered security. A day after, the Newyork Department of Financial Services ordered Paxos to stop issuing BUSD.
The Commodity Futures Trading Commission, or CFTC, sued Binance and its CEO, Changpeng Zhao. The CFTC alleged that Binance violated US trade laws by secretly instructing its VIP customers in the US on how to avoid compliance checks.
Binance released a statement responding to the claim that the lawsuit was unexpected and disappointing.
In the same week, another crypto exchange platform, Coinbase, received a Wells notice from the SEC regarding some of the products listed on the exchange platform. A Wells notice is a process the SEC follows to notify a business that the agency is planning future action against the business.
In late March, another crypto exchange Beaxy.com was sued by the SEC for operating an unregistered exchange, brokerage and clearing company.
Although the US government has tightened regulations and intensified its crackdown on the crypto industry, the market continues unaffected.
$33 million and counting
Big Eyes Coin (BIG), a new meme coin in the crypto market, has raised more than $33 million in its pre-sale phase. The coin has shown spectacular growth since the presale was rolled out in late 2022.
Big Eyes Coin is built on the Ethereum blockchain. The platform is powered by the utility and governing token called BIG.
To boost the pre-sale, the Big Eyes Coin project team has recently revealed loot boxes ranging from $9.99 to $9,999, which can return up to $1 million worth of BIG tokens.
Along with this loot box offer, it also announced a 250% bonus code to lure more investors. Crypto enthusiasts who purchase STORE tokens can take advantage of this offer by using the BULLRUN250 code.
Apart from these tempting offers, Big Eyes Coin recently revealed that the loot boxes will henceforth include loot cards that can be minted as NFTs and custom cards along with the BIG tokens.
The NFTs can be traded in Opensea.io, a web3 marketplace for NFTs and digital collectibles. These new and innovative NFTs can be minted for 0.05 ETH.
Despite the crackdown on industry giants by the strongest US regulators, the crypto market continues to trade in the green with the help of investors. After showing immunity to the worst of the banking crisis, the crypto industry is now showing its resilience to the US government and its regulators.
Big Eyes Coin (BIG)
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