We report on observations of the low-mass X–ray binary 4U1626–67 performed during the BeppoSAX Science Verification Phase . We present the broad-band 0.1–100 keV pulse averaged spectrum , that is well fit by a two-component function : a 0.27 \pm 0.02 keV blackbody and an absorbed power law with a photon index of 0.89 \pm 0.02 . A very deep and narrow absorption feature at 38 keV , attributable to electron cyclotron resonance , is clearly visible in the broad-band spectrum . It corresponds to a neutron star magnetic field strength of 3.3 \times 10 ^ { 12 } G. The 4U1626–67 pulse profiles show a dramatic dependance on energy : the transition between the low energy ( E < 10 keV ) bi-horned shape to the high-energy ( E > 10 keV ) sinusoidal profile is clearly visible in our data . The modulation index shows a monotonic increase with energy .