The SEC’s case against Beaxy.com may have been overshadowed by the CFTC’s suit against Binance, but it’s a big deal for crypto.
Photographer: Kuzma/iStockphotoAllyson Versprille
In this edition of the Bloomberg Crypto newsletter, Allyson Versprille shines light on a potentially important crypto enforcement action:
The crypto world was riveted last week by news of the US Commodity Futures Trading Commission’s hard-hitting lawsuit against industry leader BINANCE — and rightly so. But a case filed by the Securities and Exchange Commission just a few days later against a much smaller player whose name also starts with a “B” could also have big ramifications for the digital-asset space.
SEC’s complaint against this other “B” — Beaxy.com — flew somewhat under the radar. But it was the first time the agency sued a crypto platform for simultaneously operating an unregistered exchange, brokerage and clearing business – a problem that SEC Chair Gary Gensler has repeatedly said is rampant in the sector and poses a conflict of interest.
