Bitstamp, one of the most established cryptocurrency exchanges, has recently announced the listing of BONK, a meme coin originating from the Solana blockchain. With the introduction of BONK/USD and BONK/EUR trading pairs, the token is now accessible on Bitstamp’s platform worldwide, excluding the US and Singapore.
This listing follows Robinhood’s addition of BONK to its platform in March, which had resulted in a significant 19% price increase. In contrast, the Bitstamp listing has only sparked a modest 2% rise in BONK’s value, as reported by Coinmarketcap. The limited price response could be linked to the current regulatory hurdles within the crypto sector, notably the US Securities and Exchange Commission’s (SEC) recent actions against several tokens, including Solana, labeling them as unregistered securities in cases against Binance and Coinbase.
Bitstamp passes the BONK check today it seems https://t.co/IoEWW84dKu
— BONK!!! (@bonk_inu) June 19, 2024
Despite the regulatory landscape, Robinhood maintains a positive outlook on the cryptocurrency market. Earlier this month, the commission-free trading giant unveiled plans to acquire Bitstamp for $200 million in cash. This acquisition is projected to close in the first half of 2025. Analysts from broker Bernstein suggest that this move could substantially enhance Robinhood’s crypto offerings, as Bitstamp currently supports over 85 tokens, compared to Robinhood’s 15 in the US and over 30 in Europe.
Woof woof! $BONK is live on Bitstamp! 🐕 💥
Unleash the fun side of crypto and check out this popular #memecoin from @solana today.
Start trading: https://t.co/YpBdrdoOO4@bonk_inu pic.twitter.com/0dfsKNoqvc
— Bitstamp (@Bitstamp) June 20, 2024
However, Robinhood Crypto, a subsidiary of Robinhood, is facing scrutiny from the SEC, having recently received a Wells Notice. This notice indicates the SEC’s intention to initiate civil enforcement action against the company for alleged breaches of the Securities Exchange Act of 1934.
As the industry navigates regulatory pressures, the BONK listing on Bitstamp and Robinhood’s strategic acquisition plans highlight the dynamic and evolving nature of the cryptocurrency landscape.
