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Beaxy Exchange BXY ICO Rating, Reviews and Details

There is also an option to earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. There is also another way to get discounted trading because with the staking program, you will have the option to lock up some of your BXY tokens to receive a discounted trading fee. The US Securities and Exchange Commission on Wednesday registered charges against crypto trading firm Beaxy and executives at the company. In an official statement, the regulator said the founder of the organisation Artak Hamazaspyan raised $8 million through an unregistered crypto token offering, reported Bitcoin.

Users can also earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. Every registered user of Beaxy crypto exchange can participate in the referral program of the service. To join the referral program you have to register on the platform and get a referral link in your personal cabinet.

Customer service & brand

Sign in/sign up using only your email address to confirm the transaction. Fast and secure way for you to buy and exchange 150+ cryptocurrencies. You will also find the necessary information on the FAQ pages, the knowledge base and the blog. According to traders’ reviews, the Beaxy support team is really responsive and gives detailed and understandable recommendations.

https://traderoom.info/rs are also happy with the possibility of funding their accounts with fiat currencies. In general, we can say that Beaxy crypto exchange can easily reach the top of cryptocurrency exchanges, offering traders favorable and transparent working conditions. The fees on the Beaxy exchange are fixed at 0.2% of whatever you deposit, however, the BXY token allows users to reduce their fees by up to 50%.

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. Beaxyis operated by Beaxy Digital, Ltd, which is a company registered in St. Kitts & Nevis in the Caribbean Islands.

Beaxy Exchange Review: Complete Beginners Guide

To pass the KYC check, you need to specify the country of residence, select the type of identity document and attach its photos. The photo of the document must be without glare from the flash, all information must be readable. A driver’s license, national ID card or civilian passport can be used as an identification document. After the application is processed, you will receive a notification by mail when the verification is passed or rejected.

Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. According to a press release issued by the US SEC, Beaxy Exchange and its executives have been charged for failing to register as a national securities exchange broker and clearing agency for the sale of BXY token. US-based cryptocurrency exchange Beaxy Exchange suspended its operations immediately after the United States Securities and Exchange Commission filed multiple charges against the exchange and its founder Artak Hamazaspyan.

Beaxy is this a scam? Reviews and description

It said the company and its founder indulged in the misappropriation of around $900,000 for their personal reasons, which included gambling. It’s also worth noting that Beaxy operates a loyalty reward program that incorporates the PLUS Token , an exclusive token to the Beaxy exchange. You can only trade your BXY tokens for this token and when you receive it you can lock them up for a certain time, which will get you a percentage of your trading fees back. The Securities and Exchange Commission has charged crypto asset trading platform Beaxy.com and its executives for failing to register as a national securities exchange, broker, and clearing agency. Beaxy’s founder, Artak Hamazaspyan, and his company, Beaxy Digital, Ltd., were also charged with raising $8 million in an unregistered offering of the Beaxy token and allegedly misappropriating at least $900,000 for personal use. Market makers operating on the Beaxy platform were also charged as unregistered dealers.

For the time being, Beaxy is facing civil charges, but this could later on lead to criminal charges as well – the more serious type. 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. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. Despite these features, Beaxy has a number of challenges to overcome, for example the Loyalty Reward Program is not available to residents of the US, while fiat transfers still haven’t been enabled.

Fast Redeem,instant buy market/limit/profit&loss, multi-trading types. TIGER Bank investment service, highest profit of 20% with daily interests. It offers more than 100 pairs for trading cryptocurrency – Bitcoin, Ethereum , Litecoin, Bitcoin Cash , Ethereum Classic , Dash/DASH), EOS/EOS, Monero , Ripple/XRP, Zcash . VIP club members receive up to 30% cashback on paid commissions for a month.

Registration on the exchange is available to everyone, except for residents of countries that restrict operations with cryptocurrencies. The Beaxy cryptocurrency exchange was founded by a team of American developers led by Brian Peterson. 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.

• In the meantime, the crackdown on the crypto sector continues in full swing.
• Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place.
• Silver Account– Requires the staking of 50,000 BXY, and yields a 10% discount on trading fees with a 60 BTC daily withdrawal limit.
• Shortly after the charges were announced, crypto exchange Beaxy suspended all operations, citing regulatory uncertainty.
• You can use this to calculate the profits and losses of certain trades that you’re thinking about making.

Naturally, referral programs and options to customize the trading experience are also positive. The PLS token is an exclusive token to the Beaxy exchange, you can only trade your BXY tokens for this token and when you receive it you can lock them up for a certain time. The purpose of locking these tokens up is so you can receive a percentage of your trading fees back.

The lawsuit also accused Beaxy’s founder Artak Hamazaspyan and Beaxy Digital of “raising $8 million in an unregistered offering of the Beaxy token ” and using at least $900,000 for personal use, such as gambling. 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. The team behind the exchange are aiming to provide a comprehensive service that appeals to users of all experience levels. 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. 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.

Breaking: U.S. SEC Charges Another Leading Crypto Exchange; Platform Forced to Shut Down

The exchange, of course, has a very user-friendly interface and there are both day and night modes available. Because of the fast transaction speeds, there are very rarely any delays on the transactions that you’re receiving. TradingView provides the price charts that are located in the centre of the interface. 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.

• IP whitelisting is also featured and once set up, when you try to log in to your account for the first time from a new location, access will be denied and a red “IP Whitelist” message will appear.
• However, the company is actively researching the opportunities to be registered in Malta or Gibraltrar.
• The fees on the Beaxy exchange are fixed at 0.2% of whatever you deposit, however, you can use the Beaxy token to take 50% of the fees off your transaction.
• The team members have assisted multiple conferences and are actively engaging with their users on social media.
• The SEC documents also revealed that they tried to convince Hamazaspyan into resigning after the BXY offerings.
• Cryptocomparer.com is a completely independent comparison website covering all things crypto related.

The U.S. Securities and Exchange Commission has charged crypto platform Beaxy and its founder, Artak Hamazaspyan, with operating an unregistered exchange and brokerage. According to a Wednesday statement from the SEC, Beaxy Digital Ltd. raised $8 million through the offering of its BXY token in violation of federal securities law. Additionally, the agency noted that Hamazaspyan had misappropriated over $900,000 of these funds for personal use, including gambling. Launched on 10 June 2019, Beaxy Exchange is a centralized exchange headquartered at The Board of Trade in Chicago, Illinois. The exchange supports 6 fiat pairs, a two-way fiat ramp, credit and debit card purchases, and spot cryptocurrency trading.

Beaxy Review 2019: Guide to This Exchange, Is it Safe? All Pros & Cons

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.

Beaxy Exchange offers prebuilt TA, signals, for cryptocurrencies listed on their platform. Members of their team have reportedly built trading desks in Chicago, IL. Their API feature REST and WebSocket as well as FIX, view the documentation here. However, users who choose to pay their trading fees in BXY tokens receive a 50% reduction and pay a fee of 0.1%, and anyone participating in the exchange’s Staking Program can reduce their fees by an additional 25%. Market makers are being encouraged to use the exchange and are exempt from trading fee commissions. In order to pay your fees with BXY, click on your profile, and select “Fees”, then move the “Pay with BXY” slider button to the “On” position.

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. Cryptocurrency exchange on the platform is available after registering and making a deposit. The platform offers traders several types of orders to maximize profits during exchange . This offer is based on information provided solely by the offeror and other publicly available information. The token sale or exchange event is entirely unrelated to ICOholder and ICOholder has no involvement in it .

About Beaxy

After analyzing the work of the crypto exchange, user reviews about it and legal information, we came to the conclusion that Beaxy is not a scam. The platform has been working steadily since 2019 and during this time has managed to gain the trust of traders all over the world. Analyzing the reviews of cryptocurrency exchange beaxy.com, we can say that the platform completely fulfills its obligations to traders. Users note fast exchanges, reliable storage of funds, convenient mobile application and fast withdrawal of earnings. Users name the possibility of staking as a special advantage of the exchange and receiving referral fees.

Token sales listed from persons that ICOholder has no relationship with are shown only to help customers keep track of the activity taking place within the overall token sector. This information is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice or carry out your own due diligence before taking, or refraining from, any action on the basis of the content on our site. 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.

The SEC lawsuit also alleges that after beaxy review Inc. took over Beaxy in 2019, they continued to use the platform to trade unregistered securities illegally. Windy agreed to pay $79,000 in fines without admitting or denying the SEC’s allegations. The SEC further alleges that Beaxy’s founder Artak Hamazaspyan misappropriated about $900K for his personal use, allegedly including gambling. In addition, the SEC says that Beaxy’s market makers for operating as unregistered dealers. All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment.

The SEC documents also revealed that they tried to convince Hamazaspyan into resigning after the BXY offerings. Notably, the regulator has alleged that Hamazaspyan misappropriated at least $900,000 for personal use, including gambling. The latter group of men and companies neither admitted nor denied the allegations. SEC Chair Gary Gensler has frequently admonished digital asset firms for conducting multiple business operations that he says should normally be separate companies.