SEC Strikes Again, Shutting Down Crypto Exchange With Immediate Effect

2 mins

By Harsh Notariya

29 March 2023, 16:43 GMT+0000

Updated by Geraint Price

29 March 2023, 16:45 GMT+0000

In Brief

• The SEC is suing Beaxy exchange for offering unregistered securities.
• The U.S. regulator alleged that the founder of Beaxy used $900,000 for personal use including gambling.
• SEC chair Gary Gensler warned crypto companies to comply with the law.
• PROMOOKX Shines As Proof Of Reserves, Security Grab The Spotlight Read Now

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the Beaxy exchange, shutting down its operations.

According to an official press release, the SEC alleges that Beaxy operated without registering as a national securities exchange, broker, or clearing agency.

The SEC chairman Gary Gensler says, “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.”

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