The exchange team contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz. The team behind the platform, lead by CEO Artak Hamazaspyan and CTO Mittal Patel, has proven very transparent.
The SEC also said it was charging Beaxy beaxy review founder Artak Hamazaspyan and Beaxy Digital, a company he controls, with raising $8 million through an unregistered offering of the Beaxy token (BXY) and the misappropriation by Hamazaspyan of $900,000 of investor funds for personal uses. The suspension came a day before the United States Securities and Exchange Commission announced it was charging Beaxy and its executives with failing to register as a national securities exchange, broker and clearing agency. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation. Investors who invest through such a platform may face a risk that, if the platform were to enter bankruptcy, they might not be able to withdraw their assets and would become unsecured creditors of the bankruptcy estate.” According to the complaint, Beaxy carried out the functions one might expect a national securities exchange, a broker and a clearing agency all would carry out despite not registering as any of these with the regulator. I strongly suspect – and I’m guessing I’m not the only one – that this may be a preview of how the SEC’s case against other crypto exchanges (cough) may go.
Beaxy Fees\r\n
They will receive a percentage of all transaction fees collected by the exchange based on the duration the PLS Tokens are locked. They work to pay trading fees, access add-on tools, polls, surveys, purchasing Beaxy merchandise and other services. In total, Beaxy is selling 60% of the tokens and there is a soft cap of $4.2 million and a hard cap of $ 19 million USD. 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.
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The SEC alleged that the exchange violated American securities laws by operating as an unregistered national securities exchange broker and clearing agency. However, the platform was shut down in 2023, leaving thousands of users without a crypto trading platform. “We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” the exchange told its users. (This is what happened to most users of the various crypto lenders that filed for bankruptcy last year, including but not limited to BlockFi, Voyager Digital and Celsius Network, as well as fellow crypto exchange FTX.) 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.
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This means that no other crypto exchange will have access to this technology. The platform aims to provide traders with a comprehensive service that appeals to both newer traders and more experienced participants. Referral programs, low trading fees, 24/7 support and options to customize the trading experience are also positive.
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To deposit funds on Beaxy, click on the “My wallets” tab at the top right of the screen, and select your preferred currency. Once the team has approved you, you become a standard user and can withdraw up to 30 BTC worth of cryptos per day from any combination of their wallets. The team members have assisted multiple conferences and are actively engaging with their users on social media.
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At this exchange, they accept fiat currency deposits (both wire transfer and credit cor debit card transfers) through Simplex. Accordingly, also the withdrawal fee model at this exchange is competitive. The network fees vary from day to day but are roughly 15-20% of the global industry average BTC-withdrawal fee.
- However, those looking to be active traders on Beaxy exchange can stake their BXY tokens to upgrade their accounts.
- The exchange takes pride in its strong focus on security and regulatory compliance.
- Among these, security, performance, low trading fees and 24/7 support are the ones we deem most important.
- Among its allegations, the SEC said Beaxy operated as an unregistered exchange, a broker and a clearing agency.
What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. You should yourself determine which trading view that suits you the best. We hope for Beaxy’s sake that this trading volume improves substantially. If you’re one of those people, then this platform can still be for you. This platform is not only available from your desktop, you can also access it via your mobile.
All Eyes on Ether: Crypto Daybook Americas
We are not responsible for any investing or trading decisions that you may make based on content that you read on CryptoVantage.com. Please do your own research, make educated financial decisions and consult your Financial Advisor. Beaxy’s fee structure was competitive, but the exchange is no longer operational.
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Bitcoin SV could be purchased on the platform before it was shut down. Users can also access the platform through its mobile app, which is available on both iOS and Android devices. The exchange enforces strict KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to meet global standards.
- Also, the funds are stored in multiple cold wallets distributed across dozens of secret geographic locations worldwide, which makes it essentially impossible for a criminal to compromise all of the exchange’s funds.
- With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s.
- Otherwise, it will be difficult for Beaxy to attract new trading users to its platform.
- However, the platform was shut down in 2023, leaving thousands of users without a crypto trading platform.
- I strongly suspect – and I’m guessing I’m not the only one – that this may be a preview of how the SEC’s case against other crypto exchanges (cough) may go.
Beaxy Review
The exchange is owned by a company called Windy Inc, with offices in Chicago, USA. Naturally, referral programs and options to customize the trading experience are also positive. Below are a few of the advantages the exchange itself promotes on its website. 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. Accordingly, we believe that this exchange has closed down and we have marked it as “dead” in our Exchange Graveyard. We advocate for you to do your own research and make educated financial decisions.
Beaxy complaint shows SEC is scrutinizing market making arrangements as broker-dealer activity and certain custody arrangements as clearing activity. SEC is incrementally building a body of legal theories to target crypto asset intermediaries. The SEC said is litigating its charges against Hamazaspyan for securities fraud and against Hamazaspyan and Beaxy Digital for the unregistered BXY offering.
BXY tokens serve two main purposes – they can be used to reduce trading fees significantly or to claim a portion of the revenue generated by Beaxy itself. The fees on the Beaxy exchange are fixed at 0.2% of whatever you deposit, however, the BXY token allows users to reduce their fees by up to 50%. However, those looking to be active traders on Beaxy exchange can stake their BXY tokens to upgrade their accounts.
There is also another way to get discounted trading because with the staking program, you will have the option to lock up some of your BXY tokens to receive a discounted trading fee. After your transfers have been confirmed by the network and Beaxy displays your wallet’s funds, you are free to trade on the exchange. The KYC process is very straightforward and much easier to follow and comply with than the KYC-procedures at other major crypto exchanges. 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.
This left previous users of the platform searching for a viable alternative. Following the shutdown, customers were advised to withdraw all their assets within 30 days. “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,” commented SEC chair Gary Gensler. The regulator claims that after raising $8 million through the unregistered securities, founder Hamazaspyan was pushed to resign in October 2019, and Nicholas Murphy and Randolph Bay Abbott took over. The exchange claimed it would make all funds available for withdrawal in 24 hours after canceling all orders and verifying balances. The SEC has also alleged that Windy Inc., which operated the exchange after the departure of Hamazaspyan, and exchange co-presidents Nicholas Murphy and Randolph Bay Abbott committed securities violations.