Crypto Exchange,Beaxy.com To Cease Operations As SEC Marks Platform As Unregistered

The United States Securities and Exchange Commission has announced that cryptocurrency exchange, Beaxy.com has been operating in the US without registering with regulators.

 

The SEC, with this charge against the platform is seeking that it ceases all activities as an unregistered exchange, clearing agency, broker, and dealer; shutting down the Beaxy Platform; providing an accounting of assets and funds for the benefit of customers; transferring all customer assets and funds to each respective customer; and destroying all BXY in Windy’s possession.

 

According to the SEC, the platform and its executives “did not register as a national securities exchange, broker, and clearing agency”.

 

 

“We allege that Beaxy and its affiliates performed the functions of an exchange, broker, clearing agency, and the dealer without registering with the Commission and complying with clear, time-tested rules governing those activities,” said SEC Chair Gary Gensler. “Our securities laws for decades have served to protect investors, make capital formation easier and cheaper, and improve our markets. This case serves as yet another reminder to crypto intermediaries that their business models must comply and adapt to the law, not the other way around.”

 

“To protect investors, there are separate registration requirements for exchanges, brokers, and clearing agencies, with each essentially acting as a check on the other,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “When a crypto intermediary combines all of these functions under one roof—as we allege that Beaxy did—investors are at serious risk. The blurring of functions and the lack of registrations meant that regulations designed to protect investors were not followed or even recognized by Beaxy.”

 

 

 

 

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