The SEC accused a Chicago-based firm behind Beaxy and some affiliates of serving in various roles such as an exchange, broker and clearing agency without registering with the SEC
. That structure, which is common throughout the crypto industry, is one that the SEC’s chair has criticized for conflicts of interest and risks to investors.
It also charged founder Artak Hamazaspyan with raising $8-million in an unregistered offering of the token BXY and misappropriating at least $900,000 for gambling and other personal use.“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,” SEC Chair Gary Gensler said in a statement.
On Monday, the Commodity Futures Trading Commission sued Binance, accusing the world’s largest crypto exchange of violating rules preventing illegal activity. Coinbase Global Inc is also in the SEC’s sights, saying on March 22 the regulator had found potential securities law violations and might sue.
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