Crypto Exchange Beaxy Closes Following SEC Lawsuit and Misappr | Moonhub

Crypto Exchange Beaxy Closes Following SEC Lawsuit and Misappropriation Accusations
Beaxy, a crypto trading platform, has shut down after the U.S. Securities and Exchange Commission (SEC) charged the company and its founder, Artak Hamazaspyan, with operating an unregistered exchange and brokerage. The SEC also alleged that Beaxy Digital Ltd. illegally raised $8 million through the offering of an unregistered BXY token, and that Hamazaspyan misused at least $900,000 for personal expenses, including gambling. Windy Inc. took over the platform in 2019, but managers Nicholas Murphy and Randolph Bay Abbott have also been accused of securities law violations for maintaining the unregistered exchange. The SEC's enforcement chief, Gurbir Grewal, warned that the "blurring of functions" at Beaxy put investors at serious risk.