Please check whether you are using the AxCrypt portable version or installed version?
Currently, the AxCrypt right-click context menu is available only in the windows (Installer) version of the AxCrypt app. You can see the same by installing the latest version of the AxCrypt app in your windows system.
If you are using AxCrypt installed version to check the control panel? AxCrypt app are install or not?
If not means, I think you had to install a portable version in your system. (not sure)