The team behind the exchange is transparent in nature and contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz. Cryptocomparer.com is a completely independent comparison website covering all things crypto related. It is our aim to help educate the masses with our simple layout and format. We have news, reviews, price charts, how to guides for Trading and Analysis and more.
If you’re one of those people, then this platform can still be for you. Crypto exchange Beaxy has shut down after being charged by the US Securities and Exchange Commission for operating an unregistered exchange and brokerage. What do you think about the SEC taking action against this crypto exchange, its founder, and its executives? Since the collapse of the crypto exchange FTX, US regulators and lawmakers have intensified their scrutiny of crypto-related firms.
Speakers prepare to tell US House Financial Services Committee about stablecoins
The SEC noted that the pair convinced Hamazaspyan to resign following the BXY offering. The latter group of men and companies neither admitted nor denied the allegations. You will receive an email with instructions for how to confirm your email address in a few minutes. While it has reached a settlement with Windy Inc, the SEC is still pursuing charges of securities laws violations against Hamazaspyan. It appears that SEC has no plans to stop its crypto crackdown, with yet another crypto firm receiving charges from the regulator.
These features really bring the user peace of mind because they know that their assets are safe. The Beaxy Exchange is similar to many other exchanges that you may be familiar with just like Binance. There’s a difference though, as Beaxy has more security protocols and a better KYC checking system so you can legally deposit any cryptocurrency. This exchange is available in 185 countries, whereas other exchanges are not allowed in some major countries. You can access all tokenomy platforms with your existing Indodax credentials.
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. This fee is line with the historical global industry average, which was arguably around 0.25%.
There’s an option to pay your fees with BXY, to do this go to your profile and click ‘Fees’ then turn the ‘Pay with BXY’ option on. When registering on the site you agree to give the administration of the service the requested information for identity verification. While working on the service you don’t sell or buy cryptocurrencies from Beaxy Exchange. The platform only acts as an intermediary between users to facilitate transactions. The administration of the service reserves the right to cancel any transaction for a legitimate reason. Withdrawal fee is calculated personally, taking into account the status of the account and the amount to be withdrawn.
At the top of the interface are a variety of important factors that can help you with your ongoing trades. These include statistics like the volume, bid/ask spread and the percentage changes. All major cryptocurrencies can be stored, traded, and stored in one place. Regulation of a cryptocurrency exchange is a guarantee of fair and transparent operation of the resource. Before registering on any cryptocurrency exchange, find out who regulates its activity and how. Copy this address and enter it in your cryptocurrency wallet to make a transaction.
Volume data is untracked
The maximum https://traderoom.info/ commissions is 25%, which is provided to holders of BXY amounting to 12,000 USD. There are 2 types of commissions on the platform – trading commission and withdrawal commission. The size of the trading commission is 0.25% for market-takers and 0.15% for makers . The fixed amount of commissions can be reduced by reaching a certain volume of daily trading. Also, discounts on trading commissions are provided for holders of the crypto exchange token – BXY coin.
As of early 2022, the platform features a growing number of registered users and a stable daily trading volume. The exchange trades 25+ cryptocurrencies in pairs with BTC, USDC, USDT, ETH. The exchange started operating in 2019 and has gained the trust of traders from 200 countries in a short period of time. In this review, let’s look at the features of the crypto exchange, platform bonuses, user reviews and try to understand whether Beaxy is a scam or a reliable platform for cryptocurrency trading. Launched in June 2019, Beaxy is a new cryptocurrency exchange that aims to get ahead of its competition by offering unmatched security, performance, and superior tech.
- The Windy City’s Beaxy crypto exchange has been forced to suddenly halt its operations due to the US Securities and Exchange Commission filing a slew of charges against the exchange and its creator, Artak Hamazaspyan.
- To create an account, click the “Register” button in the upper right corner of the home page.
- Discounts on exchange trading fees can be obtained by holding a certain level of daily trading, as well as holding a certain number of BXY coins on your balance.
- The photo of the document must be without glare from the flash, all information must be readable.
- Maximum withdrawal amount is calculated for each Cryptocurrencies with the status of the account.
- All the offers and promotions advertised on Cryptocomparer are subject to the individual sites’ terms and conditions.
Referral programs, low trading fees, 24/7 support and options to customize the trading experience are also positive. As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure, and the BXY token allows users to reduce their fees by up to 50%. Users can also earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program.
How Does Staking on Beaxy Work?
Once you have been approved by the team, you become a standard user and have a withdrawal limit of up to 30 BTC a day! However, if you’re looking to be an active trader on Beaxy then you can stake your BXY tokens to upgrade your account. Turn your account into a Silver Account and withdraw up to 60 BTC per day as well as a 10% discount on trading fees by staking 50,000 BXY.
SEC Chair Gary Gensler has frequently admonished digital asset firms for conducting multiple business operations that he says should normally be separate companies. Gensler has called on companies to break up and separately register their various operations. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics. These data are also third-party sourced it may not be be 100% accurate.
Recently, SEC targeted Coinbase, Kraken, and Tron founder Justin Sun. Beaxy Exchange has raised about $8 million through the sale of BXY token, which the SEC alleges is an unregistered security. Beaxy is a new exchange that is aiming to become a leader in the crypto trading space. It incorporates a range of attractive features with more expected to be added over the coming months and years. The exchange also incorporates TradingView charts with a full range of technical indicators, and trading analysis, data research, and back-testing services from OneMarketData.
Any terms and conditions entered into by contributors in respect of the acquisition of Tokens are between them and the issuer of the Token and ICOholder is not the seller of such Tokens. ICOholder has no legal responsibility for any representations made by third parties in respect of any Token sale and any claim for breach of contract must also be made directly against the Token issuing entity listed herein. Beaxy is an All-in-One exchange that is built for experienced cryptocurrency traders and those completely unfamiliar with blockchain concepts. We aim to be the leading exchange by creating an environment where traders feel comfortable to learn and grow in this exciting, yet extremely volatile environment. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice.
- Because of the fast transaction speeds, there are very rarely any delays on the transactions that you’re receiving.
- Amid claims of a potential network vulnerability, THORChain took the precautionary step of suspending all trading activity until further verification.
- Currently, there are 0 coins and 0 trading pairs available on the exchange.
- From here, you can select which document you wish to use to verify your identity, and acceptable forms include a Driving License, a National ID, or a Passport.
Although Fiona doesn’t have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry. In the meantime, the crackdown on the crypto sector continues in full swing. Companies are being targeted as they are allegedly breaking laws in the United States.
We are relying on exchanges to provide transparency on the holdings/liabilities that they have. As a result, Beaxy could be well worth getting to know early on and users can take advantage of the various incentive programs to make their trading activities more cost effective. To transfer funds, you’ll need to click on the “My wallets” tab at the top right of the screen, and select your preferred currency and click on the + icon next to it. After finishing the KYC application process, you will see the icon next to your name change to “Under Review”, and you’ll receive notification of your results once the review has been completed.
beaxy exchange review uses a tiered fee structure that is based on the average daily volume of the account holder as well as the amount of BXY that they hold on Beaxy. Maker fees range from 1 to 15 basis points and taker fees from 8 basis points to 25 basis points. Trading fees on Beaxy can be reduced 5-25% by enabling the Pay with BXY option. Lastly, the SEC charges touched on “market makers operating on the Beaxy Platform as unregistered dealers.” Shortly after the Securities Exchange Commission filed a lawsuit against crypto exchange Beaxy, it suspended its services. The fee structure and various incentives should prove successful in helping to attract users to the platform and improve the validity of the BXY token.
The platform aims to provide traders with a comprehensive service that appeals to both newer traders and more experienced participants. On the date of last updating this review the 24-hour trading volume was as low as USD 1,612 vis-a-vis USD 19,676 on 18 September 2021, according to Coinmarketcap.com. We hope for Beaxy’s sake that this trading volume improves substantially. Otherwise, it will be difficult for Beaxy to attract new trading users to its platform.
Clearly, these big players have been stepping up their investment activity, which is in line with the price increase we have seen over the week. The recent Bitcoin price surge was a golden opportunity for short-term holders to reap some profits, and CryptoQuant’s data suggests that many of them took advantage of this window and cashed out their positions at the high point. Despite this, BTC managed to stay above the once-critical $28,000 level, indicating that the move up could continue. Get the latest gambling industry news delivered straight to your inbox.
Gold Account– Requires the staking of 150,000 BXY, and yields a 15% discount on trading fees with a 100 BTC daily withdrawal limit. Silver Account– Requires the staking of 50,000 BXY, and yields a 10% discount on trading fees with a 60 BTC daily withdrawal limit. Discounts on exchange trading fees can be obtained by holding a certain level of daily trading, as well as holding a certain number of BXY coins on your balance.
After inviting a friend to the platform you will receive 30% from his trading commissions. You can track the number of referrals and the amount of earnings in your personal cabinet. The Beaxy cryptocurrency exchange was founded by a team of American developers led by Brian Peterson.
The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. In addition, Beaxy has a smaller number of supported cryptocurrencies than leading exchanges such as Binance and Huobi. However, the team are planning to roll out a number of additional features that will help to establish the exchange as a viable alternative to current industry leaders. This allows Beaxy to provide solutions for high frequency traders and the platform is designed to scale and is already able to handle 225,000 transactions per second.
BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services. Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place. Read fact-based BitDegree crypto reviews, tutorials & comparisons – make an informed decision by choosing only the most secure & trustful crypto companies. Diamond Account– Requires the staking of 1,000,000 BXY, and yields a 25% discount on trading fees with a 500 BTC daily withdrawal limit. Platinum Account– Requires the staking of 500,000 BXY, and yields a 20% discount on trading fees with a 200 BTC daily withdrawal limit.
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. Security – The Beaxy team place security at the forefront of their priorities and the exchange uses two factor authentication and is compatible with both Google and Authy Authenticators. The exchange also allows for withdrawal address and IP whitelisting, and the team also promise to maintain the confidentiality of user data. Standards on the platform are in line with PCI-DSS and ENISA security standards.