Big Eyes Coin Rises to $33 Million During Ongoing Crypto Bull Run Despite Regulatory Pressure on Binance and Coinbase
Big Eyes Coin (BIG), a newly minted meme cryptocurrency with a cat theme, has achieved an impressive fundraising feat of $33 million during its pre-sale phase. This achievement comes at a time when the cryptocurrency market is experiencing an ongoing bull run, despite the regulatory pressure some of the industry’s major players, such as Binance and Coinbase, are facing from authorities in the United States.
SEC Tightens Grip on Crypto Industry Amid Market Bull Run
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The recent collapse of the FTX cryptocurrency exchange in 2022 has added fuel to the ongoing regulatory pressure from the US Securities and Exchange Commission (SEC) on the digital asset industry. While the SEC has been tightening its grip on crypto regulations since 2017, the FTX bankruptcy has given the agency solid reason to further crack down on the industry.
The collapse of FTX, one of the largest crypto exchanges in the market, led to a significant drop in market capitalization, falling below $1 trillion. This created a chain reaction that still affects the stability of the virtual and real world. In March 2023, California-based Silvergate Bank and Signature Bank, both crypto-friendly banks, went bankrupt, leading to a banking crisis in the United States.
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As a result, investors worldwide turned to cryptocurrencies as a hedge against the banking crisis, leading to a market bump. When the US government stepped in to bail out the bankrupt financial institutions, the prices of cryptocurrencies rose to new heights. Bitcoin (BTC) hit its highest price in nine months at $29,000, while Ethereum (ETH), the second largest cryptocurrency, crossed the $1,800 mark.
But 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 technology company, regarding the sale of Binance USD as an unregistered security. The New York Department of Financial Services also ordered Paxos to stop issuing BUSD a day after the notice.
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Binance USD
In addition, the Commodity Futures Trading Commission (CFTC) sued Binance and its CEO, Changpeng Zhao, alleging that Binance violated US trading laws by secretly instructing its VIP customers in the US on how to avoid compliance checks. Binance responded to the allegations, calling the lawsuit unexpected and disappointing.
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The same week, the SEC issued a Wells notice to another crypto exchange platform, Coinbase, regarding some of the products listed on the platform. A well notice is a notification process the SEC follows to inform a business that it plans to take action against it in the future.
In late March, the SEC sued another crypto exchange, Beaxy.com, for operating an unregistered exchange, brokerage and clearing company. Despite the US government tightening regulations and intensifying its crackdown on the crypto industry, the market continues to experience a bull run.
Big Eyes Coin Raises Over $33 Million In Presale And Counting
Big Eyes Coin (BIG), a new meme coin built on the Ethereum blockchain, has seen impressive growth during its pre-sale phase, raising more than $33 million since the end of 2022. The platform operates using the BIG token, which works as both a tool and governing token for the platform.
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The platform operates using the BIG token, which acts as both a utility and a governing token for the platform.
To increase investor interest, the Big Eyes Coin project team has introduced loot boxes ranging from $9.99 to $9,999, which can yield up to $1 million worth of BIG tokens. The team has also offered a 250% bonus code, BULLRUN250, to attract more crypto enthusiasts to invest in the project.
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Additionally, loot boxes will now contain loot cards that can be minted as NFTs and custom cards, in addition to STORE tokens. These new and innovative NFTs can be traded on OpenSea, a Web3 marketplace for NFTs and digital collectibles. The NFTs can be minted for 0.05 ETH.
Despite the crackdown by US regulators against industry giants such as Binance and Coinbase, the crypto market continues to thrive with the support of its investors. After going through the worst of the banking crisis, the crypto industry is now showing resistance to US authorities and regulators.
Find out more about Big Eyes Coin (BIG):
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