Immediate Shutdown of Beaxy Exchange by SEC

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Beaxy exchange for operating without registering as a national securities exchange, broker, or clearing agency. The exchange was charged with raising $8 million through the unregistered offering of its native token, BXY. The regulator also alleges that the exchange’s founder, Artak Hamazaspyan, used $900,000 for personal use, including gambling. Beaxy executives have agreed to cease operations without admitting or denying the allegations and will pay $79,200 in civil penalties. SEC chairman, Gary Gensler, has warned crypto companies that their business models must comply and adapt to the law. In March, the SEC also warned against investing in crypto assets securities, citing price volatility and lack of investor protection. The agency served Coinbase with a Wells Notice and sued Justin Sun for offering BTT and TRX as unregistered securities.

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Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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