Crypto Exchange Beaxy, Founder Sued by SEC for Violations
- Exchange failed to register different business lines, SEC said
- SEC Chair has repeatedly warned firms to separate operations
Photographer: Joshua Roberts/Bloomberg
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The US Securities and Exchange Commission is suing Beaxy.com for operating an unregistered exchange, brokerage and clearing business simultaneously, the first such action by the agency against a cryptocurrency platform.
SEC Chair Gary Gensler has frequently admonished digital asset firms for conducting multiple business operations that he says should normally be separate companies. Gensler has called on companies to break up and separately register their various operations.