Beaxy Crypto Exchange and Executives Face SEC Charges and Shutdown

The SEC has charged Beaxy.com and its executives for operating an unregistered exchange, broker, and clearing agency. The founder of the platform, Artak Hamazaspyan, and a company he controlled, Beaxy Digital, Ltd., were also charged with raising $8 million in an unregistered offering of the Beaxy token (BXY) and alleged misappropriation of at least $900,000 for personal use. Market makers operating on the Beaxy Platform were also charged as unregistered dealers. The SEC has ordered the defendants to cease all activities as an unregistered exchange, clearing agency, broker, and dealer, shut down the Beaxy Platform, and pay civil penalties.