3/29, 5:14 PM (Source: TeleTrader)
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SEC charges crypto exchange Beaxy over unregistered operation

The United States Securities and Exchange Commission (SEC) said on Wednesday it charged crypto platform Beaxy and its executives for operating an unregistered securities exchange, broker, and clearing agency.

The SEC added it charged Beaxy founder Artak Hamazaspyan with "raising $8 million in an unregistered offering of the Beaxy token (BXY)" and accused him of misusing "at least $900,000 for personal use, including gambling."

"We allege that Beaxy and its affiliates performed the functions of an exchange, broker, clearing agency, and dealer without registering with the Commission and complying with clear, time-tested rules governing those activities," SEC Chair Gary Gensler stated. "This case serves as yet another reminder to crypto intermediaries that their business models must comply and adapt to the law, not the other way around," he added.

Baha Breaking News (BBN) / NP