BEX Mauritius Block Exchange Crypto Exchange Review: Regulated But Without Trading Activity

When you hear "regulated crypto exchange," you might think of safety, trust, and real trading volume. But what if the exchange is officially licensed but has zero measurable trading activity? That’s the reality with BEX Mauritius Block Exchange.

BEX Mauritius Block Exchange (registered as C187066) claims to be the world’s first regulated platform for security token trading. It holds a Securities Trading Systems License (#GB22200392) from Mauritius’s Financial Services Commission (FSC) - a license the platform says was the first of its kind ever issued for this purpose. On paper, that sounds impressive. But paper doesn’t pay bills or move markets.

Here’s the problem: as of November 2023, CoinMarketCap lists BEX as an "Untracked Listing." That means it doesn’t meet the minimum requirements for volume verification - typically $1 million in daily trading activity. And here’s the kicker: BEX shows "No data" for trading pairs, total assets, and user volume. Not a single trade is being recorded. Not one. That’s not a startup phase. That’s a ghost platform.

Compare that to tZERO, which reported $1.2 million in monthly volume in Q2 2023, or ADDX, which managed $1.5 billion in assets under management by the end of 2022. Those platforms have real users, real trades, and public reports. BEX has a license and a website. That’s it.

What Exactly Is a Security Token Exchange?

Before we go further, let’s clarify what BEX says it does. A security token represents ownership in a real-world asset - like shares in a company, real estate, or a fund - but wrapped in blockchain technology. Unlike Bitcoin or Ethereum, which are cryptocurrencies, security tokens are regulated financial instruments under securities law. That’s why BEX claims its FSC license matters.

But having a license doesn’t mean you’re operating. It just means you’re legally allowed to try. Think of it like getting a driver’s license but never turning on the engine. You’re qualified. But you’re not driving anywhere.

Platforms like Securitize and Swarm have partnered with big names like Coinbase and BitGo for custody and security. They publish API docs, uptime stats, and fee schedules. BEX? Nothing. No developer resources. No help center. No tutorials. No public support channels. If you wanted to sign up, you’d have to guess how to start.

Why No One Is Using It

There’s a reason no one talks about BEX. Not on Reddit. Not on BitcoinTalk. Not on Trustpilot. Zero reviews. Zero user stories. Zero complaints. That’s not because it’s perfect - it’s because no one’s using it.

Professional investors don’t gamble on platforms with no trading history. A 2023 PwC survey found that 78% of institutional investors only use exchanges with transparent volume data. BEX doesn’t have any. So why would a fund, hedge fund, or even a high-net-worth individual risk their capital here?

Even in the niche world of security tokens, where liquidity is already thin, BEX stands out for its silence. Experts like Dr. Garrick Hileman from Blockchain.com have pointed out: "Regulatory approval without demonstrable market activity raises questions about operational viability." That’s not a critique - it’s a fact.

What’s Missing: Transparency and Trust

Good exchanges don’t hide. They show you:

• How much crypto they hold in cold storage
• Whether they’ve been audited
• What their fees are
• How fast withdrawals take
• What security protocols they use

BEX tells you nothing. No cold storage percentage. No audit reports. No fee schedule. No API docs. No contact info for support. Even the platform’s own description on CoinMarketCap says its security features are "simple, secure, transparent" - vague language that means nothing without proof.

Compare that to Kraken, which publishes monthly proof-of-reserves. Or Coinbase, which discloses its insurance coverage. BEX offers no such transparency. And in crypto, where scams are common, that silence screams louder than any warning.

How It Stacks Up Against Competitors

The table says it all. BEX has one advantage: a license. Everything else? It’s blank. The other platforms don’t just talk about regulation - they prove they’re active, transparent, and trusted.

Is BEX a Scam?

No. Not technically. It’s registered. It has a license. That means it’s not an outright fraud like a pump-and-dump scheme.

But it’s also not a functioning exchange. It’s a shell. A regulatory placeholder with no users, no volume, no support, and no future in sight. It’s like opening a bank with a sign that says "We accept deposits," but no tellers, no ATMs, and no money in the vault.

There’s no evidence BEX is actively trying to grow. No press releases. No new features announced. No updates since 2022. Its CoinMarketCap listing has been frozen with "No data" for over a year. That’s not a startup struggling - that’s a project abandoned.

Who Should Avoid BEX

If you’re looking for:

• A place to trade security tokens
• A platform with real liquidity
• A service with customer support
• An exchange you can trust with your assets

Then stay far away from BEX Mauritius Block Exchange.

Even if you believe in security tokens as a concept, this platform offers nothing but risk. No volume means no liquidity. No liquidity means you can’t sell. And if you can’t sell, your investment is locked - or worse, lost.

What You Should Do Instead

If you want to invest in security tokens, go where the activity is:

• tZERO - The most established U.S.-based platform with SEC compliance and real trading.
• ADDX - Active in Asia, with institutional backing and clear reporting.
• Securitize - Powers tokenization for real estate and private equity.
• Swarm Markets - Offers regulated trading in Europe with strong security.

All of them have public data, user reviews, and verified track records. You can research them. You can talk to others who’ve used them. You can see if they’re working - because they are.

BEX? You can’t. There’s nothing to see.

Final Verdict

BEX Mauritius Block Exchange is a regulatory ghost. It has a license, but no users. It claims to be first, but it’s not leading. It says it’s secure, but won’t prove it.

In a market where transparency is everything, BEX’s silence is its biggest red flag. Regulatory approval without activity is just paperwork. And paperwork doesn’t make a working exchange.

If you’re looking to trade security tokens, don’t waste time on BEX. There are better, proven platforms out there. Don’t get seduced by a license. Look for real trading, real users, and real proof.

Because in crypto, what’s not visible doesn’t exist - no matter what the paperwork says.