I had the same concern about carrying exe files on an USB key.
See the information I got in the section: community / “some suggestions for AxCrypt ”
I have tried the Axcrypt2.exe on an USB key and:
On my main computer where Axcrypt 2 is installed I had no problem to run this exe file even without internet connexion.
But this is not really where I expect to use it.
On another computer, with no previous Axcrypt installed, I am asked to register with my e-mail and be sure I’m connected at the internet. What I certainly wouldn’t do on any host computer travelling. I expect this exe file to be filled with registering information at home.
This is not really what can be called a standalone version until this issue is fixed.