SEC files lawsuit against crypto exchange and founder CFTC
, the world's largest crypto exchange, was sued by the U.S. Commodity Futures Trading Commission for allegedly breaking trading and derivatives rules.
Binance stated that it disagreed with the characterization of several issues alleged in the complaint. Artak Hamazaspyan, the founder of Beaxy, was also charged by the SEC with securities fraud. The business raised $8 million through the sale of its cryptocurrency token, BXY, and the SEC claimed that Hamazaspyan misappropriated $900,000 for use in gambling and other activities.
Separately, the agency announced that it had reached a settlement with Nicholas Murphy and Randolph Bay Abbott, who are presently in charge of managing Beaxy. As part of a settlement, Beaxy consented to shut down its website. On Wednesday, the company's main website announced that operations had ended"due to the uncertain regulatory environment surrounding our business."
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