Hamazaspyan also allegedly misappropriated at beaxy exchange review least $900,000 for personal use, including gambling, the SEC said. The exchange claimed it would make all funds available for withdrawal in 24 hours after canceling all orders and verifying balances. The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the Beaxy exchange, shutting down its operations.
- Hamazaspyan also allegedly misappropriated at least $900,000 for personal use, including gambling.
- Whereas most brokers offer 30% welcome bonus, or 100% for those who deposit $10,000 and above, Beaxy offers 100% for all clients given that their first deposit is at least $500.
- 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.
- 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.
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In adherence to the Trust Project guidelines, BeInCrypto 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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Your order form will be matched up by the engine to complete the transaction. Once your crypto has been sold, the payment will be deposited into your account.
We advocate for you to do your own research and make educated financial decisions. Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing. No, Beaxy is not similar to a traditional finance broker, they offer no financial services such as lending. Users must already have assets to bring to the exchange in order to make use of it.
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. After your transfers have been confirmed by the network and Beaxy displays your wallet’s funds, you are free to trade on the exchange. To deposit funds on Beaxy, click on the “My wallets” tab at the top right of the screen, and select your preferred currency. After that, click on the + icon next to it, which will expand the list of wallets you have for this currency.
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So the agency is also accusing them of violating securities law by operating an unregistered exchange, broker and clearing agency, though the platform was described as defunct in another SEC case last year. The platform provided by Beaxy displays real-time data from the market and especially highlights the price movements of Bitcoin and BXY tokens. The price chart can be organized and viewed in different time intervals, to let you get a better grasp about the market’s movement every second, hour, or even days.
The Hummingbot feature is all about accessing algorithmic trading without having to actually learn it. Hummingbot is one of Beaxy’s partnership features and it performs automated trading through bots, which is its main trading strategy. The bots work day and night, which is beneficial for both beginning and professional traders.
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.
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They follow all KYC/AML policies and use Curv as the custodian for users’ funds and wallets. CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Some Twitter users supported the SEC’s move after evaluating the exchange’s various features.
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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.
The team behind the platform, lead by CEO Artak Hamazaspyan and CTO Mittal Patel, has proven very transparent. Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees. BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking. Beaxy has a tiered fee structure that starts at a 0.25% fixed fee per trade on market takers, meaning you take an already existing order off the book, and a 0.15% maker fee, meaning you put on order on the book.
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. The exchange also features the most advanced interface, data compilation, trading tools, and security measures to date. The platform provides 24/7 support to their users with live chat and an AI bot, which is especially valuable when a critical issue arises. There are also further resources aimed at newer traders such as the FAQ section and Knowledge Base, and the team is active on social media.
The agency served Coinbase with a Wells Notice and sued Justin Sun for offering BTT and TRX as unregistered securities. According to an official press release, the SEC alleges that Beaxy operated without registering as a national securities exchange, broker, or clearing agency. 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. They will also be adding advanced order types as options, including choosing between trailing stops, “fill or kill” orders, orders that expire at a certain time and many others which traders with complex strategies will find extremely interesting. In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program.
- Beaxy said the regulatory environment was too uncertain for it to continue operations despite its two-year corporation with the SEC.
- It employs beneficial services through partnership with different providers to continually provide and revolutionize their client services.
- The platform provides 24/7 support to their users with live chat and an AI bot, which is especially valuable when a critical issue arises.
- 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.
It is responsible for the exchange’s fast order executions and high profits. Beaxy’s true partnership feature points to the overall support that the exchange lends to its clients, including free research and educational resources and a 24/5 support team. Beaxy also has a community of traders that share trading tips and expert opinions on various financial markets. The finance ecosystem refers to the financial support and assistance provided by the exchange, where clients are given the opportunity to secure their crypto on the website’s domain. For added security, the exchange only partners with high-class banking institutions to guarantee the safety of its clients’ funds as well as its own corporate accounts. 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.
He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy. There are various explanations and tips on how to navigate the platform placed in easy to find locations. There are also various market orders available on Beaxy, such as Market, Limit, Post Only, Stop Loss, Stop Loss Limit, Limit IOC, Limit FOK, Take Profit, and Take Profit Limit orders, which will impress more experienced crypto traders.
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Buying and selling cryptocurrencies on Beaxy has never been easier with the new and improved features of this exchange. Aside from fast execution and added assets to trade, Beaxy also improved its security standards. Beaxy Exchange is an up-and-coming fiat-to-crypto exchange that offers a great loyalty program for those who hold their proprietary token Beaxy Coin (BXY). Rewards include up to 12% apy and the potential to earn a piece of the fees the exchange makes everyday.
