The team behind the exchange are aiming to provide a comprehensive service that appeals to users of all experience levels. The user interface is intuitive and the dashboard is well laid out and there are various explanations and tips on how to navigate the platform placed in easy to find locations. Other features to look forward to are the trading engine and portfolio management tools for advanced users. Novice users will benefit from these portfolio management tools as well, as users need to be able to diversify their holdings accordingly. Professional traders can also choose between 26 different order types to maximize their https://traderoom.info/beaxy-cryptocurrency-exchange-review/ profits and trading strategies.
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Hamazaspyan also allegedly misappropriated at least $900,000 for personal use, including gambling. In its lawsuit, filed Wednesday at the Northern District of Illinois, the securities regulator also accused the platform of failing to register as a broker and a clearing agency. The SEC also accused Beaxy Digital Ltd. of illegally raising $8 million in the offering of an unregistered security with its BXY token. The agency additionally noted Hamazaspyan “misappropriated at least $900,000 for personal use, including gambling.” The SEC said it is “litigating its charges against Hamazaspyan for securities fraud and against Hamazaspyan and Beaxy Digital for the unregistered offering of BXY.” The SEC also charged founder Artak Hamazaspyan, and a company he controlled, Beaxy Digital Ltd, with raising $8 million in an unregistered offering of the Beaxy token.
- Moreover, the SEC said it will continue its litigation against Hamazaspyan for securitiesfraud, and both the Founder and Beaxy Digital for the unregistered offeringof BXY.
- When a crypto intermediary combines all of these functions under one roof—as we allege that Beaxy did—investors are at serious risk.
- Other features to look forward to are the trading engine and portfolio management tools for advanced users.
- Guidehouse is a global AI-led professional services firm delivering advisory, technology, and managed services to the commercial and government sectors.
It also probably isn’t suited for anyone with a lot of trading experience, but the assumption is that Beaxy aims to target those more unfamiliar with digital assets or legacy finance. Although the Beaxy exchange itself doesn’t technically have a trading bot, it has linked up with Hummingbot, which allows users to incorporate its open-source trading bot into the platform via an API. While this isn’t quite as appealing as many of the other crypto exchanges offering 0.1% maker and taker fees, it is certainly well above average and a very competitive rate. Beaxy has become the latest exchange to incur the wrath of the U.S. authorities. The SEC is alleging the exchange operated without registering as a national securities exchange, broker or clearing agency. The announcement forced the exchange to suspend services with immediate effect.
“Our implementation of OneMarketData’s OneTick technology has yielded impressive results, out-performing most engines in traditional financial markets and the cryptocurrency markets. We’re looking forward to providing every trader out there with a one-stop shop Visit Beaxy and create a free account to join the large community of traders that are already refining their results with assistive trading tools and automated trading systems. Apply for VIP membership with the Beaxy Black program to get 30% of your trading fees back in BTC and compete for loyalty rewards! The latest move by SEC is part of its efforts to ramp up crypto enforcement actions.
According to the regulator, Murphy and Abbot took over the reins ofBeaxy Exchange in October 2019 after convincing Hamazaspyan to resign as aresult of the unregistered sale of BXY and the misappropriation of customerfunds. The SEC charged Beaxy with raising $8 million through the unregistered offering of its native token, BXY. According to an official press release, the SEC alleges that Beaxy operated without registering as a national securities exchange, broker, or clearing agency.
Beaxy is an all-in-one cryptocurrency exchange platform which gives users all the power and control over their finances. As stated in the press release, Murphy and Abbott took over Beaxy and were operating the platform through Windy after Hamazaspyan stepped down following the unregistered token sale and his embezzlement of investors’ funds. The US regulator alleges that Windy violated securities laws because it ran an unregistered exchange, broker, and clearing agency. With fiat support, crypto deposits, and a Gunbot trading bot partnership, the platform gained attention for rewarding active traders and challenging some of the best crypto exchanges like Binance and KuCoin. Beaxy was a fiat-to-crypto exchange with an innovative loyalty program that provided users with multiple ways to earn rewards. However, the platform was shut down in 2023, leaving thousands of users without a crypto trading platform.
After diving into all its services for this Beaxy review, we believe the Beaxy exchange is an above-average trading platform but far from a top competitor in the cryptocurrency exchange space. This exchange allows users to buy, sell, store, and trade crypto assets and fiat currencies, including over 40 trading pairs with several fiat currency-based pairs. Beaxy also features a trading bot called Hummingbot, a Beaxy Black VIP program, a signal service, and more. Learn more about this crypto exchange by reading our complete Beaxy review.
The SEC alleged that the exchange violated American securities laws by operating as an unregistered national securities exchange broker and clearing agency. They also alleged that the exchange raised $8 million through an unregistered offering of its native BXY token. Windy, Murphy, Abbott and Peterson agreed to cease all activities as an unregistered exchange, clearing agency, broker and dealer, as well as shut down the Beaxy platform, destroying BXY in Windy’s possession.
Their pro platform supports margin trading, staking, OTC trading, and advanced order types. The platform is renowned for its prioritization of security, transparency, and regulatory compliance. This is coupled with advanced trading features and low fees, making it an all-around great exchange.
Key Features
Current regulatory guidance requires crypto providers to register as money service businesses (MSBs) with FinCEN and meet individual state registration requirements. Guidehouse can assist crypto providers in the pre-registration phase to obtain an MSB license from FinCEN and/or individual state licenses, including the New York State Department of Financial Services BitLicense. If there are changes to U.S. regulations requiring crypto exchanges to register with the SEC, Guidehouse is positioned to assist crypto providers to meet these new requirements. Some of the rewards include up to 30% back in trading fees (in BTC), offers personal customer support, and awards BXY token (Beaxy’s utility token) according to your trading volume.
Beaxy ICO Stats
- Customers of the exchange will be able to withdraw their assets within 24 hours after all user orders are canceled and balances are verified and are encouraged to do so within 30 days, the SEC said.
- Once you download Hummingbot and create an account, you’ll have to connect your Beaxy exchange account through the API and then set the strategies and parameters you want to use to begin your automated trading.
- The parties, without admittingor denying the allegations, have also agreed to pay various amounts inpenalties to the SEC.
- According to the SEC, Windysigned an agreement with Peterson and his companies in December 2019 to providemarket marking services for BXY.
- Despite only launching recently, it would appear the cryptocurrency community has taken a liking to Beaxy already.
Today, however, the industry average is 0.213% for takers and 0.16% for makers, so Beaxy is a bit above average when it comes to taker fees. The exchange was previously registered in Saint Kitts and Nevis, but it is now owned by Windy Inc. (a Delaware corporation) and Beaxy’s headquarters today are in Chicago, Illinois. To find a reliable exchange where you can start an account, just use our Exchange Filters and we’ll help you find the right platform for you. Earlier this year, the exchange also unveiled the list of 25 digital currencies which it is going to offer at the launch. The exchange also inked an exclusive partnership deal with OneMarketData and says that it will execute trades at a rate of 225,000 per second per trading pair. For a limited time, Beaxy will match your deposits up to $500 so that you can trade or own more of your favorite cryptocurrencies.
Beaxy Crypto Exchange Shuts Down After the SEC Charged The Firm and Its Founder
The exchange ceased itsoperations in the wake of a lawsuit from the United States Securities andExchange (SEC) which charged the platform and its executives for operating anunregistered exchange, brokerage andclearing agency. On March 23, the SEC also warned against investing in crypto assets securities. The agency served Coinbase with a Wells Notice and sued Justin Sun for offering BTT and TRX as unregistered securities. If you’re thinking about trading crypto, you’ll need a crypto wallet to keep your digital assets safe. One of the world’s most trusted and secure crypto exchanges with low fees and advanced trading tools. Our recommendation for the best Beaxy alternative is the Kraken crypto exchange.
The lawsuit also pulled in Brian Peterson, who allegedly provided market-making services for Beaxy through his companies Braverock Investments LLC and Future Digital Markets Inc. “We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” the exchange told its users. It further charged founder Artak Hamazaspyan with conducting an unregistered offering in which he raised $8 million from selling Beaxy tokens (BXY).
Competition continues to heat up in the world of cryptocurrency exchanges. That’s a very good thing, as the demand for the “perfect service” has not diminished in the slightest. More variety in platforms allow for a more versatile ecosystem, which will benefit everyone in the long run.
Beaxy Supported Currencies and Fees
Opt-in to the program and make a deposit with cryptocurrency, fiat currency, or your credit card to have your bonus credited in USDC within 24 hours. Oftentimes, traders that are successful are traders that learned how to remove as much bias, fear, and greed as possible from their mentality. Beaxy supports deposits and withdrawals with dozens of cryptocurrencies, every major credit and debit card, and six major fiat currencies (USD, EUR, GBP, JPY, CAD, AUD). Through Beaxy’s US Trust partner, Prime Trust, your fiat holdings on the exchange are backed by FDIC insurance for up to $250,000 per account. By creating an account you get access to a wide variety of payment rails, automated trading systems, assistive trading tools, bulletproof security, and more.
In May 2020, one of the firms signed asimilar agreement for a different digital asset. Furthermore, the US securitiesregulator in a complaint filed before a district court inIllinois, accused Brian Peterson and his companies of acting as marketmarkers for Beaxy; hence, acting as unregistered dealers. The companies areBraverock Investment, Future Digital Markets, Windy Financial and FutureFinancial. In addition, the SEC charged two managers, Nicholas Murphy and Randolph Bay Abbott, for operatingBeaxy Exchange as an unregistered exchange, broker and clearing agency throughWindy Inc.