Beaxy Crypto Exchange Forced to Shut Down by SEC Lawsuit.

Crypto exchange Beaxy has shut down after the US Securities and Exchange Commission (SEC) charged the company and its founder with operating an unregistered exchange and brokerage, as well as illegally raising $8m in the offering of an unregistered security with its BXY token. The SEC also accused the founder of misappropriating at least $900,000 for personal use. Customers of the exchange will be able to withdraw their assets within 24 hours after all user orders are canceled and balances are verified and are encouraged to do so within 30 days, the SEC said.