The US Securities and Exchange Commission (SEC) has charged crypto exchange Beaxy and its executives for failing to register services in the US.
The SEC particularly charged Beaxy with raising $8 million in an unregistered offering of the Beaxy token (BXY). The financial regulator has also charged market makers operating on Beaxy as unregistered dealers. According to the watchdog, Beaxy Founder, Artak Hamazaspyan, "misappropriated at least $900,000 for personal use, including gambling."
Shortly after the SEC blamed the exchange of wrongdoing, Beaxy announced suspension of services in its blog post, citing the "uncertain regulatory environment" surrounding its business.
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