The SEC has taken action against crypto trading platform Beaxy and its executives. The exchange subsequently shut down. cryptocurrency
The U.S. Securities and Exchange Commission has filed charges against crypto trading platform Beaxy and its executives. Additionally, the regulator alleged that the cryptocurrency exchange’s founder raised $8 million in an unregistered crypto token offering and “misappropriated at least $900,000 for personal use, including gambling.”Wednesday that it has filed charges against crypto asset trading platform Beaxy, its founder, and its executives.
Besides alleging that Beaxy and its executives failed to “register as a national securities exchange, broker, and clearing agency,” the securities watchdog said that it has “charged the founder of the platform, Artak Hamazaspyan, and a company he controlled, Beaxy Digital Ltd., with raising $8 million in an unregistered offering of the Beaxy token .”
In its complaint, the SEC claimed that Nicholas Murphy and Randolph Bay Abbot have been operating the Beaxy Platform since October 2019 through their management of Windy Inc. The SEC noted that the pair convinced Hamazaspyan to resign following the BXY offering.Following the SEC enforcement action, Beaxy announced on its website: “Regrettably, we are announcing the immediate suspension of services on Beaxy Exchange.
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