Beaxy Exchange Review 2025: Features and Benefits

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. “When a crypto intermediarycombines all of these functions under one roof — as we allege that Beaxydid — investors are at serious risk. The blurring of functions and the lack ofregistrations meant that regulations designed to protect investors were notfollowed or even recognized by Beaxy,” Grewal explained.

He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. They follow all KYC/AML policies and use Curv as the custodian for users’ funds and wallets.

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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. 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. 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 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.
• This would be a significant change from the current regulatory environment, where most digital asset businesses are licensed and regulated as money transmitters.
• 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.
• Jesse is a graduate of Western Washington University, where he studied journalism and history.

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In total, Beaxy is selling 60% of the tokens and there is a soft cap of $4.2 million and a hard cap of $ 19 million USD. 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. 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. 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. Beaxy assured its customers that their funds are safe and will be made available for withdrawal within 24 hours after all user orders are canceled and balances verified.

Customers are encouraged to withdraw their funds within 30 days to avoid any complications or delays, said Beaxy. ”Unfortunately, despite our best efforts, it has become clear that the regulatory environment is just too uncertain to continue operations,” the exchange said. 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. You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies. They also offer a mobile app for iOS and Android for those interested in trading on the go.

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. Beaxy utilises a simple to use and intuitive UI, which is customizable and includes scrolling ticker settings for speed, visibility, and favorite pairs. There are both day and night modes available, making the trading panel easy on the eyes and presenting information and execution panels in a clean and easy-to-read manner. 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.

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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. In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program. In the STK Loyalty Program, users can stake/lock their BXY for a period of one to twelve months, whichever length they choose is the interest amount they receive (ie one month gives you 1% apy, 12 months gives you 12%). They are also planning on launching a Diamond tier where those who stake over 1 million BXY tokens will receive a prorated distribution of 7% of the exchange’s average daily revenue. 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.

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. 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.

• Now, select your country of residence and also submit a picture of your National ID, driving license or passport.
• He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers.
• The founder of Beaxy Exchange was charged with raising $8 million in an unregistered offering of the Beaxy token (BXY) and misappropriation of those funds.
• Windy Inc. took over the platform in 2019 after the founder misappropriated money, according to the SEC, and managers Nicholas Murphy and Randolph Bay Abbott maintained Beaxy for trading crypto assets “that were offered and sold as securities,” the SEC said.
• These requirements are targeted at protectinginvestors and ensuring checks and balances among the various firms.
• In total, Beaxy is selling 60% of the tokens and there is a soft cap of $4.2 million and a hard cap of $ 19 million USD.

About Beaxy

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. Yes, Beaxy has a partnership with Gunbot trading bot where Gunbot users can connect to Beaxy Exchange at no extra cost. 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.

The exchange also features the most advanced interface, data compilation, trading tools, and security measures to date. 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. 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.

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 Beaxy in couple of digital marketing agencies.

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This includes their native token Beaxy Coin (BXY), which we will look at in the fees section. Current regulatory guidance requires crypto providers to register as money service businesses (MSBs) with FinCEN and meet individual state registration requirements. Guidehouse can assist crypto providers in the pre-registration phase to obtain an MSB license from FinCEN and/or individual state licenses, including the New York State Department of Financial Services BitLicense.