SEC files charges against crypto platform Beaxy.com founder Artek Hamazaspyan

March 29 (UPI) -- The Securities and Exchange Commission has filed charges against Artak Hamazaspyan, the founder and ex-CEO of Beaxy.com, for "raising $8 million in an unregistered offering of the Beaxy token."

The move is the latest in a series of legal actions targeting cryptocurrencies and their improper use and sale.

Last week, the SEC charged Tron founder Justin Sun for allegedly promoting and manipulating unregistered crypto assets.

"The Securities and Exchange Commission today charged the crypto asset trading platform beaxy.com (the Beaxy Platform) and its executives for failing to register as national securities exchange, broker, and clearing agency," the SEC said in a press release Wednesday.

The SEC alleges that "Hamazaspyan misappropriated at least $900,000 for personal use, including gambling."

The SEC also alleges that Windy Inc. "maintained and provided the Beaxy Platform as a web-based trading platform that facilitated buying and selling crypto assets that were offered and sold as securities."

According to the complaint, Nicholas Murphy and Randolph Bay Abbott, who manage Windy Inc., "convinced Hamazaspyan to resign following the unregistered offering of BXY and the misappropriation of investor assets, the two continued the operation of the Beaxy Platform through Windy, and as such are also liable for operating an unregistered exchange, broker, and clearing agency."