Setting up a Beaxy account is a an extremely simple endeavor that takes a matter of minutes. Of course setting up an account for buying and trading cryptocurrency will take a little bit longer because Beaxy requires users provide some amount of personal identification to avoid money laundering. 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. 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. As a result, the SEC is accusing them, in addition to Hamazaspyan, of violating securities law by running an unregistered exchange, broker, and clearing agency, despite the platform being termed defunct by the SEC in a different case last year. Securities and Exchange Commission(SEC) pressed charges against the company along with its founder for failing to register the exchange and running an unlicensed broker, and clearing agency.

Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. The Beaxy price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. 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.

The exchange team contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz. CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the Beaxy exchange, shutting down its operations. I agree to receive newsletters from CryptoVantage and accept the data privacy statement.

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• 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.
• If you are new to crypto, use the Crypto.com University and our Help Center to learn how to start buying Bitcoin, Ethereum, and other cryptocurrencies.
• 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 exchange uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators.

Additionally, the agency noted that Hamazaspyan had misappropriated over $900,000 of these funds for personal use, including gambling. 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 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. 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. 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.

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It is not an offer to buy or sell any security, product, service or investment. 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. However, like everything else, for this to really shine, you need actual trading volume. With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s. With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe.

Beaxy Trading fees

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.

This means that no other crypto exchange will have access to this technology. Guidehouse is a global AI-led professional services firm delivering advisory, technology, and managed services to the commercial and government sectors. With an integrated business technology approach, Guidehouse drives efficiency and resilience in the healthcare, financial services, energy, infrastructure, and national security markets. As the first media outlet to report on blockchain-powered applications, we provide early adopters, developers, and visionary leaders with access to emerging technological landscapes, including wallets and games. CoinGeek presents a unique perspective on blockchain, AI, and Web3, emphasizing the BSV blockchain’s robust enterprise utility and unbounded scalability, as described by Satoshi Nakamoto in his 2008 Bitcoin white paper.

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On the hand, Beaxy posted a blog on its website saying that the exchange had suspended its operations citing the uncertain regulatory environment surrounding our business. Beaxy further stated that it had committed to cooperation with the authority for more than two years by providing all the required information, data, and interview. 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. Below are a few of the advantages the exchange itself promotes on its website. Among these, security, performance, low trading fees and 24/7 support are the ones we deem most important.

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. 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.

They are planning to provide penetration, cloud infrastructure, white box, black box, and many more tests to insure Beaxy’s security. Beaxy’s customer support also includes a massive Help Center where you can find tens of valuable articles explaining how exactly to use the exchange. Users are encouraged to first check their Help Center if a question arises. 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.

• 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.
• With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe.
• With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s.
• They follow all KYC/AML policies and use Curv as the custodian for users’ funds and wallets.

“We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” the exchange told its users. In adherence to the Trust Project guidelines, BeInCrypto Beaxy is committed to unbiased, transparent reporting. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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.