Big Eyes Coin(BIG), a new cat-themed meme coin, has raised a whopping 33 million dollars in its presale. The crypto bull run continues to reach new heights despite the US regulators’ crackdown on the crypto industry giants such as Binance and Coinbase.
The SEC vs Crypto Industry
The cold war between the US Securities and Exchange Committee has become more apparent after the FTX, a cryptocurrency exchange, collapsed in 2022. Though the SEC, the United States independent agency that enforces the laws against market manipulation, has been tightening regulations over the crypto industry since 2017, FTX collapse has given it a solid reason for its crackdown on digital assets.
In late 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 dollars in market capitalization. It created a chain reaction that still affects the economic stability of the virtual and real worlds. 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 US.
As a result, investors worldwide started to use 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 heights. Bitcoin (BTC) price reached $29,000, the highest in nine months. Ethereum, the second-largest cryptocurrency in the market, also crossed $1,800. As the bull run continued, the SEC intensified its crackdown on the crypto industry.
In February, the SEC issued a ‘wells notice’ to Paxos, a Newyork-based finance and institution 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. CFTC alleged that Binance violated US trading laws by secretly coaching its VIP customers within the US on how to evade compliance control.
Binance issued a statement responding to the allegation that the lawsuit was Unexpected and disappointing.
In the same week, another crypto exchange platform, Coinbase, received a Wells notice from the SEC over some of the products listed on the exchanges platform. 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 running an unregistered exchange, brokerage, and clearing company.
Though the US government has been tightening the regulations and intensifying the crackdown on the crypto industry, the market continues its bull run unaffected.
$33 Million and Counting
Big Eyes Coin (BIG), a new meme coin in the crypto market, has raised more than 33 million dollars in its presale stage. 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 its utility and governing token called BIG.
To boost the presale, the Big Eyes Coin project team has recently revealed loot boxes ranging from 9.99 dollars to 9,999 dollars which could return up to 1 million dollars worth of BIG tokens.
Along with this loot box offer, it also announced a 250% bonus code to lure more investors. Crypto enthusiasts who buy BIG tokens can avail of this offer using the BULLRUN250 code.
Apart from these enticing offers, Big Eyes Coin recently revealed that, hereafter, the loot boxes would include loot cards that can be minted as NFT and custom-made 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 0.05ETH.
Despite the crackdowns on the industry giants by the strongest US regulatory bodies, the crypto market continues to trade in the green with the help of its investors. After showing immunity to the worst banking crisis, the crypto industry is now showing its resilience to the US government and its regulators.
Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
