This fee is line with the historical global industry average, which was arguably around 0.25%. 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. ”Unfortunately, despite our best efforts, it has become clear that the regulatory environment is just too uncertain to continue operations,” the exchange said.
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While Beaxy may not offer quite as many digital assets as Binance, and are missing some top 10 assets, they still offer a good number of cryptocurrencies for buying and trading on their exchange and are still adding more. This includes their native token Beaxy Coin (BXY), which we will look at in the fees section. In the past few months, a number of crypto firms have been hit with civil lawsuits, as U.S. regulators crack down on the budding industry. Most notably, cryptocurrency giant FTX collapsed last year and its founder Sam Bankman-Fried was charged with fraud. Beaxy suspended services on its exchange and ceased operations “due to the uncertain regulatory environment surrounding our business,” the company said on its website—the SEC said in a statement Beaxy agreed to shut down the platform. On March 23, the SEC also warned against investing in crypto assets securities.
Crypto Exchange Shuts Down Amid SEC Charges
BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking. In a separate development, the US derivatives regulator also recently brought charges against Binance for operating an illegal digital asset derivatives exchange. Cryptocurrency exchange, Beaxy,has shut down its operations afterover three years oflaunching into the market. 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.
This exchange is available in 185 countries and 43 United States states and offers a referral program, which allows you to refer friends to the exchange and receive 10% of their trading fees for their account’s lifetime. The team behind the platform, lead by CEO Artak Hamazaspyan and CTO Mittal Patel, has proven very transparent. Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees.
- “We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” the exchange told its users.
- On the date of last updating this review the 24-hour trading volume was as low as USD 1,612 vis-a-vis USD 19,676 on 18 September 2021, according to Coinmarketcap.com.
- It can be contacted across their different channels, including their Telegram group, Discord server, and Twitter account.
- The integrated price charts are placed in the center of your browser, and at the top of the screen, there is a quick summary of important information such as the bid/ask spread, percentage change and volume updated in real-time.
Availability of the crypto-assets displayed is subject to jurisdictional limitations and specific terms and conditions. Crypto.com may not offer certain crypto-assets in certain jurisdictions due to potential or actual regulatory restrictions. In the future, the team behind the platform aims to add some very interesting features, such as OTC trading capabilities, margin trading, and portfolio management. They will also be adding advanced order types as options, including choosing between trailing stops, “fill or kill” orders, orders that expire at a certain time and many others which traders with complex strategies will find extremely interesting. The integrated price charts are placed in the center of your browser, and at the top of the screen, there is a quick summary of important information such as the bid/ask spread, percentage change and volume updated in real-time. The order panel and trade history are placed on the left, while the right is reserved for the order book.
Securities and Exchange Commission (SEC) charged the online crypto asset trading platform, Beaxy Exchange, and its executives, with failing to register as a national securities exchange, broker, and clearing agency1. The SEC also charged several market-makers that operated on the Beaxy platform as unregistered dealers. The founder of Beaxy Exchange was charged with raising $8 million in an unregistered offering of the Beaxy token (BXY) and misappropriation of those funds. The U.S. Securities and Exchange Commission (SEC) has charged crypto platform Beaxy and its founder, Artak Hamazaspyan, with operating an unregistered exchange and brokerage. According to a Wednesday statement from the SEC, Beaxy Digital Ltd. raised $8 million through the offering of its BXY token in violation of federal securities law.
Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision. “Trading on the platform hasbeen halted effective immediately to simplify the withdrawal and reconciliationprocess.
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Yes, Beaxy has a partnership with Gunbot trading bot where Gunbot users can connect to Beaxy Exchange at no extra cost. You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies. Windy and its current managers agreed to pay $79,200 in civil penalties but did not admit to or deny the SEC’s allegations, the agency said, but Beaxy the SEC is still litigating securities fraud charges filed against Hamazaspyan. Accordingly, we believe that this exchange has closed down and we have marked it as “dead” in our Exchange Graveyard. If the exchange’s website would become accessible again and the error is just temporary, we will “revive” it and bring it back to our Exchange List. One more thing worth noting is that Beaxy is in the final stage of discussions with Optiv, a cybersecurity giant.
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- The Beaxy team place security at the forefront of their priorities and the security protocols within the exchange are extremely effective and leave your account protected in many ways.
- Cryptopolitan.com holds no liability for any investments made based on the information provided on this page.
- The statement also stated that the SEC accused Hamazaspyan of misappropriating at least $900,000 for personal use, including gambling.
- The founder of Beaxy Exchange was charged with raising $8 million in an unregistered offering of the Beaxy token (BXY) and misappropriation of those funds.
- Security measures are one of the most important factors you should be looking at when choosing an exchange.
Either of these two features can be used to transfer funds from an existing wallet. However, your funds will only be deposited to the wallet set as default, and you can then transfer freely between your internal wallets. She specializes in developing low latency enterprise applications with extensive experience in Agile methodologies. She also has over 10 years of experience with technologies like Core Java, J2EE, AngularJS, JavaScript, Hibernet, and RESTful Web Services. The platform aims to provide traders with a comprehensive service that appeals to both newer traders and more experienced participants. Beaxy said the regulatory environment was too uncertain for it to continue operations despite its two-year corporation with the SEC.
How to Get Started on Beaxy
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. 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. Beaxy utilises a simple to use and intuitive UI, which is customizable and includes scrolling ticker settings for speed, visibility, and favorite pairs.
Naturally, referral programs and options to customize the trading experience are also positive. We allege that Beaxy and its affiliates performed the functions of an exchange, broker, clearing agency, and dealer without registering with the Commission and complying with clear, time-tested rules governing those activities. The SEC released a press statement stating that Artak Hamazaspyan, the founder of Beaxy, and the exchange unlawfully raised $8 million in an unregistered offering of the Beaxy token (BXY). The statement also stated that the SEC accused Hamazaspyan of misappropriating at least $900,000 for personal use, including gambling. Beaxy is a new exchange that looks to be one of the most promising up-and-coming exchanges on the market, bringing many new features and a high-performance trading engine to market with a smooth user interface. The platform is set out in a way that makes it easy for new users to get acquainted.
Crypto Exchange Beaxy Shuts Down in Wake of SEC Lawsuit
The exchange also features the most advanced interface, data compilation, trading tools, and security measures to date. 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 charged Beaxy with raising $8 million through the unregistered offering of its native token, BXY. The regulator also alleges that the exchange’s founder, Artak Hamazaspyan, used $900,000 for personal use, including gambling. Curv eliminates the need for private keys, replacing them with multi-party computation (MPC) protocols that enable transactions to be securely signed in a distributed way to eliminate any single point of failure. In short, the digital assets are under bulletproof protection on Beaxy thanks to Curv’s approach to security.
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. It further charged founder Artak Hamazaspyan with conducting an unregistered offering in which he raised $8 million from selling Beaxy tokens (BXY). Hamazaspyan also allegedly misappropriated at least $900,000 for personal use, including gambling. According to an official press release, the SEC alleges that Beaxy operated without registering as a national securities exchange, broker, or clearing agency. Beaxy Exchange is an up-and-coming fiat-to-crypto exchange that offers a great loyalty program for those who hold their proprietary token Beaxy Coin (BXY). Rewards include up to 12% apy and the potential to earn a piece of the fees the exchange makes everyday.
Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. We advocate for you to do your own research and make educated financial decisions. It has not happened since, and they improved security following the incident.