US regulator sues Beaxy in expanded crypto crackdown, as platform shuts down

beaxy exchange review
beaxy exchange review

Beaxy has officially shut down after the Securities and Exchange Commission accused the company and its creator, Artak Hamazaspyan, of running an unregistered exchange and brokerage. It is the latest in a surge of enforcement activities against the crypto sector of the SEC. The Securities and Exchange Commission accused crypto exchange Beaxy and numerous executives and connected organizations on Wednesday of failing to register.

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. Now, select your country of residence and also submit a picture of your National ID, driving license or passport. Those people who are submitting a National ID or driving license, will have to take a picture of both sides of the document.

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After that, click on the + icon next to it, which will expand the list of wallets you have for this currency. The U.S. Securities and Exchange Commission charged crypto platform Beaxy and its executives for violating securities laws by not registering as a broker, exchange or clearing agency. This fee is line with the historical global industry average, which was arguably around 0.25%.

Personal information is collected in order to provide services, and due to it being mandated by law, such as in the case of Anti Money Laundering and Know Your Customer legislations. The KYC verification process is conducted via Mati who store encrypted user data in AWS servers in the USA. This acts as an additional layer of protection and can block an attacker who manages to gain access to a user’s log in details but cannot match the IP address of the actual account owner. The team also declare that standards on the platform are in line with PCI-DSS and ENISA security standards. In addition, they promise to maintain the confidentiality of user data, and state that Beaxy does not and will not sell user data to third parties. After generating an address, you’ll see the standard QR code and alphanumeric string and either can be used to transfer funds from an existing wallet.

Is Beaxy regulated?

Some of these order types include Limit IOC, Limit FOK, Take Profit, and more. Once you are on the KYC verification page, the first thing you will have to do is select your country of residence and also submit a picture of your National ID, driving license or passport. The first step to start trading on the Beaxy Exchange is to head over over to the registration page and create an account.

Too often providers and their clients are paying far too much to get into and out of crypto. Adding CFX to your platform results in less chargebacks, higher acceptance rates, lower fees, and no rolling reserve requirement. Once CFX is integrated with your trading platform, your clients can purchase crypto for as little as 2.1% and the funds will automatically credit to their FX trading account. Due to its relative youth, Beaxy may be best suited to people with a good understanding of trading digital assets and using exchanges, although the platform is set out in a way that makes it easy for new users to get acquainted.

Some of the articles on this blog are guest posts or paid posts that are not written by our authors and the views expressed in these types of posts do not reflect the views of this website. Cryptocoin Stock Exchange is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Beaxy has a tiered fee structure that starts at a 0.25% fixed fee per trade on market takers and a 0.15% maker fee. These rates may be reduced by increasing your user level, which is accomplished by a combination of maintaining an average daily trading volume and / or holding a certain quantity of BXY tokens on the exchange. The exchange also incorporates the ERC20 BXY Token which allows users to participate in staking in order to receive a 50% discount on trading fees.

Beaxy Trading Fees

It also incorporates Night and Day modes for around-the-clock trading, TradingView charts with a full range of technical indicators, and a variety of charting colour options. Both Binance and Beaxy do not have fiat currency markets for any cryptocurrency. First of all, the coin can be used to reduce trading fees significantly, as described in the section above. The goal is to help you decide if Beaxy Exchange is the right fit for you, or if you should look for a different cryptocurrency exchange. This online crypto trading platform has the main office at this address, E Jackson Blvd, Chicago, Illinois 60604.

Although Beaxy is clearly putting a lot of effort into making its exchange easy to use, there is a major difference to very basic exchanges like Coinbase. At the time of writing, Beaxy Exchange has 22 coins listed with a BTC pair and 3 coins listed with a USDC pair. Some of the listed coins include BXY (Beaxy’s native coin), BTC, ETH, EOS, XRP, LTC, BCH, and XRP. Beaxy offers several different order types in addition to regular limit and market orders.

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In response, Windy, Murphy, Abbott and another individual agreed to cease all unregistered activities and shut down the Beaxy platform. The SEC also charged executives Nicholas Murphy and Randolph Bay Abbott through their company Windy, which ran the platform. The SEC further claimed that Hamazaspyan allegedly used $900,000 of the raised funds for personal use, including gambling. SEC Chair Gary Gensler has regularly chastised digital asset enterprises for carrying out several business activities that, in his opinion, should be carried out by different organizations. Gensler has urged companies to divide and register their multiple activities. Wallets The best places to hold your crypto; securely, anymously, easily.Merchants We have gathered some of the best merchants that accept crypto in one place.NFT Markets All marketplaces for NFTs in one, easy to compare, list.

Beaxy Trading View

Once you successfully completed the above steps, you will have to wait until you receive a notification that your documents have been approved. However, if you are planning to withdraw less than 30 BTC worth of crypto per day, the KYC process is very straightforward. After clicking on the link in your confirmation email, the next step is to log into your Beaxy account and pass the identity verification process. However, that is understandable when considering how young the exchange still is. Beaxy’s CEO Artak Hamazaspyan, and CTO Mittal Patel, have both assisted multiple conferences and are actively engaging with their users on social media. I would love to see a live chat instead of the chatbot as it’s just not enough in many cases when more difficult issues arise.

  • In addition, the SEC says that Beaxy’s market makers for operating as unregistered dealers.
  • Customer Support –Beaxy provides 24/7 customer support with live chat functionality.
  • Beaxy offers several different order types in addition to regular limit and market orders.
  • Beaxy, a cryptocurrency platform, along with its executives, has been charged by the Securities and Exchange Commission for supposedly not registering as an exchange, broker, or clearing agency.
  • Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place.

There is no mandatory verification at Beaxy, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 1BTC. In the future, depending on the actions of regulatory authorities, conditions may change.

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These companies typically use tracking technologies to collect this information. Other companies’ use of their tracking technologies is subject to their own privacy policies. Is your crypto company or trading service interested in partnering with or connecting to Beaxy? Enter your email, name, and company name below and a representative will be in touch.

The most important factor in this Beaxy Review is definitely the topic of user experience and beginner friendliness. In contrast, Coinbase charges a fee of up to 1.5% percent and Coinmama of up to 4.5%. Once you are on the trading interface, you can now put up your first buy or sell order. Please keep in mind that if you’re submitting a National ID or driving license, you will have to take a picture of both sides of the document. To start the KYC process on Beaxy, click on your “user” tab on the top right of the page and look for the “KYC” button. Although Beaxy is registered in Nevis in the Caribbean Island, the exchange also has offices in Chicago and Illinois.

Beaxy employs institutional accounts for those who want to register as a business. There are severe perks of activating an institutional account such as a personal representative, advanced APIs, as well as very high withdrawal limits of up to 100 BTC per day. Another useful tool is the daily winners on the home page where you can easily scan the daily winners of all coins available.

beaxy exchange review

Automation becomes a powerful tool to enhance your trading capabilities. It’s true that they are lessened by the lack of available trading pairs and currencies that are popular elsewhere. However, if you do find your style on Beaxy, you can make the most out of it and make potentially immense and safe profits.

Also, users based in the USA must use a valid driver’s license or state ID. Before uploading the document, you will need to select the country your document was issued in. The platform aims to provide traders with a comprehensive service that appeals to both newer traders and more experienced participants. beaxy review According to the SEC, Hamazaspyan will dispute accusations of securities fraud and conduct an unregistered offering in court. Consumers may withdraw their assets within 24 hours when all user orders are canceled, and balances are validated, and they are advised to do so within 30 days.

Beaxy is a relatively new cryptocurrency exchange and we see strong security features with an active insurance fund of up to $250,000 due to the registration as a Money Service Business. This adds to their credibility and we definitely recommend our traders to use this platform. Another great thing about Beaxy is the fact that they support 6 major fiat currencies for both deposit and withdrawal. This is a huge relief for many traders as many are forced to use other platforms just to get their coins converted in and out of the blockchain.