SEC charges force crypto exchange Beaxy to close operations

At the top of the interface are various important factors that can help you with your ongoing trades, including statistics like the volume, bid/ask spread and percentage changes. One of the best features is the calculator used to calculate the profits and losses of certain trades that you’re thinking about making. This technology can support hundreds of thousands of trades per second with less than a millisecond of latency, which is very fast when compared to other exchanges.

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Beaxy Exchange is safe, though it has had an issue in the past where their system was exploited and resulted in the loss of 44 Bitcoins and 111,000 Ripple. Users are encouraged to enable Two Factor Authentication (2FA) and they make a point to point out phishing scams to avoid. Justin Sun has carved a name for himself as a leading figure in the blockchain sector. Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power. 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 the SEC is still litigating securities fraud charges filed against Hamazaspyan.

It can be contacted across their different channels, including their Telegram group, Discord server, and Twitter account. The project held an Initial Coin Offering (ICO) which ran until September 2018 with an excellent amount raised equaling $3 million. 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. 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. It further charged founder Artak Hamazaspyan with conducting an unregistered offering in which he raised $8 million from selling Beaxy tokens (BXY).

SEC charges force crypto exchange Beaxy to close operations

To check the full range of indicators offered by Beaxy, visit its official website. Launched in June 2019, Beaxy is a new cryptocurrency exchange that aims to get ahead of its competition by offering unmatched security, performance, and superior tech. Referral programs, low trading fees, 24/7 support and options to customize the trading experience are also positive. Beaxy offers a competitive fee structure that is in line with most of the crypto market. As with other exchanges the fees get lower the more volume you trade and the more of their proprietary token you hold.

Once your crypto has been exchanged, you will receive the new ones in your crypto wallet. To buy bitcoin or any crypto, simply select any of the ones supported by Beaxy. The exchange will issue you an order form, which is then transferred to an order book. This order book is where all cryptocurrency transactions on Beaxy are listed, including purchasing, selling, and even exchanging crypto. The matching engine will fix your order up with another to complete the transaction. Once the trade has been executed, your cryptocurrency will be sent to your account.

This means that no other crypto exchange will have access to this technology. 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. On March 23, the SEC also warned against investing in crypto assets securities.

Those people who are submitting a National ID or driving license, will have to take a picture of both sides of the document. Before uploading the document, you will need to select the country your document was issued in. Yes, Beaxy is currently missing some top tier cryptocurrencies such as Polkadot (DOT), Cardano (ADA), and Stellar (XLM), all of which are top 10 assets. Currently, Beaxy does not compare to Binance, they offer nowhere near the same number of assets, and their volume is not even close.

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All content on CaptainAltcoin is provided solely for informational purposes. It is not an offer to buy or sell any security, product, service or investment. Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies.

They are attempting to become as popular as Binance with their Beaxy Token trying to capture some of the same attention as Binance Coin (BNB) has. You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies. By virtue of this, the regulator noted that Peterson and his companies acted as unregistered dealers. 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. Beaxy’s customer support also includes a massive Help Center where beaxy exchange review you can find tens of valuable articles explaining how exactly to use the exchange.

• Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees.
• In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program.
• CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data.
• The site accepts multiple types of fiat via bank and wire transfers while also accepting crypto deposits.

The team members have assisted multiple conferences and are actively engaging with their users on social media. Mittal is a full stack developer that has worked for IBM software labs as a Rational Product Developer for 4 years. It’s also important to note that Beaxy will have an exclusive partnership with OneTick, its flagship software, a comprehensive suite for time-series data management, real-time event processing, and analytics.

Beaxy Exchange Review: How Its Benefits Stack Up Today

Beaxy offers several different order types in addition to regular limit and market orders, including Limit IOC, Limit FOK, Take Profit, and more. After generating an address, you’ll see the standard QR code and alphanumeric string. 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. The platform aims to provide traders with a comprehensive service that appeals to both newer traders and more experienced participants. Get the latest crypto news, insights and market analysis straight to your inbox.

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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. The exchange uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators. 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.

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However, if you can’t find an answer then just head straight over to their support ticket form or live chat and they will give you an instant answer. Once you completed the above steps, you will have to wait until you receive a notification that your documents have been approved, which might take up to a couple of hours. After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link. They also offer a mobile app for iOS and Android for those interested in trading on the go.

You can only trade your BXY tokens for this token and when you receive it you can lock them up for a certain time, which will get you a percentage of your trading fees back. Beaxy aims to become a leader in the crypto trading space and is best suited to people with a good understanding of trading digital assets and using exchanges. As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure and various incentives, which should prove successful in attracting users to the platform and improving the validity of the BXY token. 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%. There is also an option to earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. 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.

One more thing worth noting is that Beaxy is in the final stage of discussions with Optiv, a cybersecurity giant. They are planning to provide penetration, cloud infrastructure, white box, black box, and many more tests to insure Beaxy’s security. The wallet columns include the Wallet Name, Available Balance, Reserved Balance, Locked Balance, Pending and Total Balance and the Is Default feature. The first time you deposit into a wallet, you will have to generate the wallet first. Now, select your country of residence and also submit a picture of your National ID, driving license or passport.

• Beaxy offers a competitive fee structure that is in line with most of the crypto market.
• The order panel and trade history are placed on the left, while the right is reserved for the order book.
• It further charged founder Artak Hamazaspyan with conducting an unregistered offering in which he raised $8 million from selling Beaxy tokens (BXY).
• The only disadvantage of Beaxy is that as of the moment, it still supports a limited number of cryptocurrencies.
• BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking.
• It’s also worth noting that Beaxy operates a loyalty reward program that incorporates the PLUS Token (PLS), an exclusive token to the Beaxy exchange.

How to Buy and Sell Crypto on Beaxy Exchange

This includes their native token Beaxy Coin (BXY), which we will look at in the fees section. In a March 29 statement, the financial regulator alleged that Hamazaspyan and one of the companies he controlled raised $8 million from an unregistered Beaxy token (BXY) offering. The SEC added that the exchange’s founder misappropriated over $900,000 that was used for things like gambling. The U.S. Securities and Exchange Commission (SEC) has charged crypto trading platform Beaxy and its executives — including the founder Artak Hamazaspyan — for failing to register as a national securities exchange. 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.

TradingView provides the price charts that are located in the center of the interface and provides a full range of technical indicators and various charting color options. The Beaxy team is already pretty big and has 25 full-time employees and 25+ halftime contributors all over the world. The exchange team contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz. I agree to receive newsletters from CryptoVantage and accept the data privacy statement.

If you are able to afford to hold a half million BXY then you have no trading fees to worry about. Aside from buying and selling cryptocurrencies on Beaxy, you can also choose to exchange your existing crypto for another given that both are supported by Beaxy. For example, you can choose to exchange your own Bitcoin for a few Ethereum tokens, or vice versa. Your order form is also picked up by the matching engine to complete the transaction.