BEX Mauritius Block Exchange Crypto Exchange Review: What We Found

When you hear about a crypto exchange that claims to be the world's first regulated active security token trading platform, your first thought might be: this could be big. But when you dig into BEX Mauritius Block Exchange, what you find isn’t a thriving marketplace - it’s a ghost town with a license.

BEX Mauritius Block Exchange, registered under number C187066 in Mauritius, says it lets you trade security tokens directly - no middlemen, 24/7, for anyone with an account. Sounds promising, right? Especially if you’re tired of dealing with exchanges that treat your assets like a game of musical chairs. But here’s the problem: no one is trading on it.

No Trading Volume. No Data. No Activity.

On CoinMarketCap, BEX is labeled as an Untracked Listing. That’s not a minor footnote - it’s a red flag. CoinMarketCap doesn’t just ignore exchanges; it has strict rules. To be tracked, an exchange needs at least $1 million in daily trading volume. BEX doesn’t even come close. The site says ‘Volume data is untracked’ and ‘No data is available now’ for every trading pair. That means, as of late 2023, there was no measurable trade activity on the platform.

Compare that to tZERO, which did $1.2 million in monthly volume in Q2 2023. Or ADDX, which managed $1.5 billion in assets under control by the end of 2022. These platforms have real users, real trades, and real reports. BEX? Nothing. Not even a whisper.

A License Without Liquidity

BEX does have something most crypto exchanges don’t: a real license. The Financial Services Commission (FSC) of Mauritius granted it Securities Trading Systems License GB22200392 under the Mauritius Securities Act of 2005. According to their own claims, this was the first license of its kind issued for security token trading. That’s impressive on paper.

But a license doesn’t mean a market. Think of it like opening a bank in a town with no customers. You’ve got the permits, the vaults, the tellers - but no one walks in. That’s BEX. The regulatory stamp gives it a veneer of legitimacy, but without trading activity, it’s just a legal shell.

Experts in the field noticed this too. Dr. Garrick Hileman from Blockchain.com put it bluntly: “Regulatory approval without demonstrable market activity raises questions about operational viability.” Simon Wilson from Security Token Group and Rebecca Liao from CB Insights both confirmed they had zero data on BEX’s operations. No reports, no interviews, no follow-ups.

No Transparency. No Details.

What are the fees? We don’t know. Are trades settled instantly? Unclear. Is your money stored in cold wallets? No public info. Is there insurance? Not mentioned. What encryption does the platform use? Silent.

Major exchanges like Kraken or Coinbase publish detailed fee schedules, security audits, uptime stats, and API documentation. BEX doesn’t. There’s no developer portal. No API guides. No GitHub repo. No blog. No YouTube tutorials. Nothing.

Even the website’s own description is vague: “simple, secure, transparent.” That’s marketing speak, not technical detail. If you’re putting real money into a platform, you need more than buzzwords. You need proof.

No Users. No Reviews. No Community.

Where are the users? You won’t find them on Trustpilot, Sitejabber, or Reddit. There are zero verified reviews. No complaints. No praises. No success stories. No horror stories. Just silence.

On BitcoinTalk, Reddit’s r/CryptoCurrency, and other major forums, there isn’t a single meaningful thread about BEX in the last two years. Compare that to tZERO, which has 45 verified Trustpilot reviews with a 3.7/5 rating. That’s real feedback from real people. BEX? Empty.

If no one is talking about it, either no one knows about it - or no one trusts it enough to use it. Either way, it’s a bad sign.

What About Security Tokens?

Security tokens aren’t just another crypto fad. They’re digital versions of stocks, bonds, or real estate shares. They’re regulated, they’re backed by assets, and they’re meant for serious investors. The global market for security token offerings was worth $12.8 billion in 2022 and was projected to hit $16.4 billion by 2023.

But here’s the catch: 78% of institutional investors said in a PwC survey that they only use platforms with transparent trading volume. BEX doesn’t have that. It doesn’t even have a number to show. That means even if you wanted to use it, most professional investors wouldn’t.

How Does It Compare?

Let’s put BEX next to other players in the space:

BEX stands out - not for being better, but for being absent. Every other platform listed here has data, history, and users. BEX has a license and a website.

Can You Even Use It?

Here’s the kicker: we don’t even know how to sign up. There’s no public guide on how to create an account. No mention of KYC requirements. No list of supported deposit methods. No withdrawal options. No customer support contacts.

If you tried to use BEX right now, you’d be flying blind. You’d have to trust a platform that won’t tell you how it works, how much it costs, or who else is using it.

The Bottom Line

BEX Mauritius Block Exchange isn’t a scam - at least not in the classic sense. It has a license. It’s not hiding its name. But it’s also not functioning like a real exchange. It’s a regulatory trophy with no customers.

If you’re looking for a secure, transparent way to trade security tokens, BEX isn’t it. You’re better off going with platforms that show their numbers, have real users, and publish clear details about how they operate.

Until BEX starts trading - and not just talking about trading - it remains a footnote in the security token space. Not a leader. Not a pioneer. Just a quiet, empty room with a fancy sign on the door.

What Should You Do Instead?

If you’re serious about security tokens, skip BEX. Look at platforms that show their work:

• tZERO - Has real volume, SEC compliance, and Coinbase custody.
• ADDX - Backed by institutional investors, publishes quarterly growth.
• Swarm Markets - Transparent about fees, audits, and partnerships.

These platforms don’t just talk about regulation - they prove it with activity. That’s what matters.