Beaxy Change suspends operations after the US SEC fees

• The US SEC has filed a number of fees towards the Beaxy Change.
• The change has consequently suspended operations
• In its defence, Beaxy has stated that it dedicated to cooperation with the SEC for over two years.

US-based cryptocurrency change Beaxy Change suspended its operations instantly after the USA Securities and Change Fee (SEC) filed a number of fees towards the change and its founder Artak Hamazaspyan.

The US regulatory authorities together with the SEC appear to have gone full throttle of their crackdown on cryptocurrency platforms. SEC’s lawsuit towards Beaxy comes only a few days after Commodity Futures Buying and selling Fee (CFTC) filed a lawsuit towards Binance and its CEO Changpeng ‘CZ’ Zhao.

The change in an announcement issued after the SEC lawsuit stated:

“We forthrightly dedicated to cooperation with the Securities and Change Fee (SEC) for over two years, frequently offering info, information, and interviews to help regulators in no matter method we may. Sadly, regardless of our greatest efforts, it has develop into clear that the regulatory surroundings is simply too unsure to proceed operations.” 

SEC sues Beaxy for the sale of an unregulated safety

In keeping with a press launch issued by the US SEC, Beaxy Change and its executives have been charged for failing to register as a nationwide securities change dealer and clearing company for the sale of BXY token.

Beaxy Change has raised about $8 million via the sale of BXY token, which the SEC alleges is an unregistered safety.

The SEC additional alleges that Beaxy’s founder Artak Hamazaspyan misappropriated about $900K for his private use, allegedly together with playing. As well as, the SEC says that Beaxy’s market makers for working as unregistered sellers.

In keeping with the SEC, the change has violated the Securities Change Act of 1934.