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.
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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.
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 Fees
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.
- Otherwise, it will be difficult for Beaxy to attract new trading users to its platform.
- More experienced crypto traders will be impressed by the variety of market orders available on Beaxy, and they include Market, Limit, Post Only, Limit IOC, Limit FOK, Stop Loss, Stop Loss Limit, Take Profit, and Take Profit Limit orders.
- 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.
- It incorporates a range of attractive features with more expected to be added over the coming months and years.
- 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.
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.
- The latest move by SEC is part of its efforts to ramp up crypto enforcement actions.
- The latest development shows the SEC’s continued clampdown on the crypto industry in recent times.
- 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.
- No profits are guaranteed, and you may lose some or all of your investment.
- Labeling itself as an all-in-one cryptocurrency trading platform is a tall order to live up to.
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.
Deposit Funds
Fortunately, alternative exchanges like Kraken provide better benefits for crypto traders. Beaxy was an innovative cryptocurrency exchange that offered lucrative rewards and strong trading features. Several safe crypto exchanges offer secure trading, rewarding programs, and advanced tools for every level of trader. More than 500 digital assets can be bought, sold, and traded on the platform.
What is Beaxy?
Its native coin (BXY) and related loyalty program, which offered up to 12% APY, were its most notable features. The Securities and Exchange Commission charged cryptocurrency platform Beaxy and its executives for allegedly failing to register as an exchange, broker and clearing agency — the latest crypto-related move by the U.S. securities regulator. In summary, we think the Beaxy exchange and trading platform would serve most crypto traders well, but it is far from the best.
“Our implementation of OneMarketData’s OneTick technology has yielded impressive results, out-performing most engines in traditional https://traderoom.info/beaxy-cryptocurrency-exchange-review/ 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.
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.
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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.
Why Kraken Crypto Exchange Is The Perfect Alternative
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).
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.