SEC v. Beaxy

The SEC sues Beaxy, alleging the sale of unregistered securities through its BXY token offering. Additionally, the SEC claims that Beaxy’s founder, Hamazaspyan, misappropriated over $900,000 of investor funds for personal use, while other defendants acted as brokers, dealers, and clearing agencies. The case was not litigated on its merits, as many defendants consented to a final judgment, and several received default judgments.

This case provides examples of when someone, in connection with a crypto trading platform and token sale, is acting as a broker, dealer and/or clearing agency.

1:23-cv-01962