The U.S. Securities and Exchange Commission (SEC) charged crypto firm Beaxy.com and several executives for registration failures yesterday, expanding regulators' push to rein in the industry, Reuters reported. 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. Yesterday's civil charges came one day after Beaxy said it would immediately suspend services, saying that "due to the uncertain regulatory environment surrounding our business, we have made the difficult decision to cease operations." 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. Read more.
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