I made this list Crypto exchanges under SEC’s Radar!.
Over the past three months, the SEC has tracked more than 6 platforms, at a rate of two platforms per month. If they continue at this pace, then in less than two years some, if not most, platforms will disappear.
I do not know whether the financial position of this platform is so bad that any regulatory decisions lead to their closure, or is there a problem with the structure of the work of these platforms? I think that one of the most important problems is the lack of guarantee of clients' money or the lack of separation between their money and the developers so that the money is spent for their personal interests.
Topic: How to close a crypto exchange easily - page 2. (Read 348 times)
Crypto exchange Bittrex shutters U.S. operations, blames regulatory environment
Bellevue, Wash.-based crypto exchange Bittrex announced Friday it was “winding down” its U.S. operations.
Nine years since launching, “the crypto ecosystem is very different,” Lai wrote. “Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”
The crypto sector was rocked last year by the swift collapse of digital-asset exchange FTX. The prices of Bitcoin, Ethereum and other coins fell steeply in aftermath of FTX’s shutdown.
Bellevue, Wash.-based crypto exchange Bittrex announced Friday it was “winding down” its U.S. operations.
Nine years since launching, “the crypto ecosystem is very different,” Lai wrote. “Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”
The crypto sector was rocked last year by the swift collapse of digital-asset exchange FTX. The prices of Bitcoin, Ethereum and other coins fell steeply in aftermath of FTX’s shutdown.
https://www.coindesk.com/policy/2023/03/29/crypto-exchange-beaxy-shut-down-after-sec-lawsuit/
Crypto trading platform Beaxy has officially closed its doors as the U.S. Securities and Exchange Commission charged the company and its founder, Artak Hamazaspyan. with operating an unregistered exchange and brokerage, the agency said Wednesday in a statement.
The SEC also accused Beaxy Digital Ltd. of illegally raising $8 million in the offering of an unregistered security with its BXY token. The agency additionally noted Hamazaspyan “misappropriated at least $900,000 for personal use, including gambling.”
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1 charge and the exchange is closed. Small exchanges do not have the opportunity and money for litigation. All exchanges have the same violations, keeping money on any exchange is a risk, especially on a small exchange.
Crypto trading platform Beaxy has officially closed its doors as the U.S. Securities and Exchange Commission charged the company and its founder, Artak Hamazaspyan. with operating an unregistered exchange and brokerage, the agency said Wednesday in a statement.
The SEC also accused Beaxy Digital Ltd. of illegally raising $8 million in the offering of an unregistered security with its BXY token. The agency additionally noted Hamazaspyan “misappropriated at least $900,000 for personal use, including gambling.”
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1 charge and the exchange is closed. Small exchanges do not have the opportunity and money for litigation. All exchanges have the same violations, keeping money on any exchange is a risk, especially on a small exchange.
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