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

The SEC argues that Hamazaspyan has raised $8 million from BXY, the cryptocurrency exchange’s native token, and used at least $900,000 of the funds for various personal uses, amongst which is gambling. US SEC Chairman Gary Gensler alleged that the crypto trading firm and its top executives did not register as a national securities exchange, broker, and clearing agency. The markets watchdog is also suing Beaxy’s founder, Artak Hamazaspyan, for securities fraud. The company raised $8 million through offering its own crypto token, BXY, and Hamazaspyan allegedly misappropriated $900,000 for gambling and other uses, the SEC alleged in a Wednesday statement. 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. The loyalty rewards payout for this day will be $2,500, and this balance is displayed on the Loyalty Rewards page as a “Pending Balance”, and changes everyday once the calculations are performed at midnight.

Cryptocurrency exchange Beaxy — is a platform for exchanging digital assets between users. The exchange offers transparent working conditions, a profitable referral program and the possibility of staking. Platform token holders receive additional privileges and benefits in the form of discounts on trading commissions and platform rewards. 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.

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At the time of writing this review, the Beaxy exchange has added the following trading pairs as part of its round 1 launch. More trading pairss are going to be added in the future but for now, these are the only ones available. To earn passive income, you need to freeze 30,000 BXY for a period of 1 month or more. CaptainAltcoin.com does not offer any sort of financial or investment advice.

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Crypto Exchange developments

Beaxy was also built in collaboration with OneMarketData and incorporates its trading analysis, data research, surveillance and back-testing services. The Beaxy team aim to provide a fully featured exchange that facilitates a comprehensive trading experience and incorporates many of the best features found amongst the current industry leaders. 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.

Below are a few of the advantages the https://traderoom.info/ itself promotes on its website. Among these, security, performance, low trading fees and 24/7 support are the ones we deem most important. Naturally, referral programs and options to customize the trading experience are also positive. On March 29th, SEC charged crypto exchange Beaxy with failure to register as «a national securities exchange, broker, and clearing agency.»

Loyalty program beaksi.com

She specializes in developing low latency enterprise applications with extensive experience in Agile methodologies. She also has over 10 years of experience with technologies like Core Java, J2EE, AngularJS, JavaScript, Hibernet, and RESTful Web Services. 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.

Analyzing the beaxy exchange 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. Traders 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 US Securities and Exchange Commission on Wednesday registered charges against crypto trading firm Beaxy and executives at the company.

About Beaxy Exchange

The latest entity to fall under regulatory blows in the US is Binance, which was charged by the Commodity Futures Trading Commission and is sued as part of a billion-worth lawsuit. The lawsuit is brought against both Binance and its founder, Changpeng “CZ” Zhao. For the time being, Beaxy is facing civil charges, but this could later on lead to criminal charges as well – the more serious type.

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. It said the company and its founder indulged in the misappropriation of around $900,000 for their personal reasons, which included gambling. Beaxy suspended operations on March 28 “due to the uncertain regulatory environment surrounding our business,” according to the cryptocurrency exchange’s blog. The suspension came a day before the United States Securities and Exchange Commission announced it was charging Beaxy and its executives with failing to register as a national securities exchange, broker and clearing agency.

• Otherwise, it will be difficult for Beaxy to attract new trading users to its platform.
• It is not an offer to buy or sell any security, product, service or investment.
• The KYC process is the same for desktop or mobile users from this point, and Mati will attempt to use your camera in order to take your photo for KYC, and you may need to grant your browser permission to use the camera function.
• Select the currency for withdrawal, specify the withdrawal amount and payment details.

The Pending Balance gets credited to user accounts on the first of each month, and Beaxy provides downloadable, monthly loyalty rewards reports and rewards are paid out in each kind of currency that the exchange charges a commission on. The token itself is an ERC 20 token and you can use them to take off 50% of your trading fees. They also offer helpful 24/7 customer support, high trade processing speeds and high-grade security.

Binance

The reward calculations for payouts are performed everyday at midnight UTC, however the actual payouts for loyalty rewards are made on a monthly basis, on the first day of each month with PLS holders receiving rewards for the previous month. In the following example, if a user locks up 100K BXY tokens for 6 months, they will receive 100K PLS tokens. If there are also 10 million BXY tokens locked up in various accounts on Beaxy, there will be 10 million PLS tokens in circulation. Beaxyis a new cryptocurrency exchange that aims to get ahead of its competition by making improvements across the board, and equipping crypto traders with a completely modernized approach to buying and selling digital assets. 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.

In the future, the team aim to add OTC trading capabilities, margin trading, and portfolio management features that will appeal to a variety of traders. 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. 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 security protocols within Beaxy are very effective and leave your account protected in many ways. Every time you log into your account from a new IP address then you need to confirm the login from your email. There’s also the 2FA code that you must have in order to log into your account to make sure you always have the key to log it into.

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. You will be sent an email with a verification link that will allow you to access your account from the new IP address. The wallet columns include the Wallet Name, Available Balance, Reserved Balance, and Locked Balance, which is the balance locked away in any staking or loyalty programs. You also have Pending and Total Balance columns and the Is Default feature allows you to set the default wallet for each currency. The first time you deposit into a wallet, you will be asked to generate an address for it. Customer Support –Beaxy provides 24/7 customer support with live chat functionality.

Those people who are submitting a National ID or driving license, will have to take a picture of both sides of the document. Also, users based in the USA must use a valid driver’s license or state ID. They cannot use a passport for verification due to state-specific laws. Before uploading the document, you will need to select the country your document was issued in.

Every new user of Beaxy Exchange can double his/her deposit up to 500 USD. To get the bonus, register your account, join the bonus program on the Deposit page, get verified and get a bonus of 100% when you deposit up to 500 USD. Withdrawal of earnings at the exchange is carried out in the reverse order. Select the currency for withdrawal, specify the withdrawal amount and payment details. Maximum withdrawal amount is calculated for each Cryptocurrencies with the status of the account.

Beaxy is a young cryptocurrency exchange with bank card and transfer support. The platform offers spot trading, free signals, technical analysis and 24/7 support. A multitude of investors in Hong Kong have been reportedly intrigued by participating in the digital economy, from Chinese family offices investing in Australia and Singapore, to those hoping to join the fray. Despite the U.S. regulatory clampdown after the unfortunate FTX collapse last year, Hong Kong has been largely supportive of crypto exchanges. Nevertheless, there remains a fear that one day it could take a U-turn. The SEC is litigating the securities fraud charges against Hamazaspyan and against him and Beaxy Digital, Ltd., the company he controlled before it was taken over by Windy, for the unregistered offering of the BXY token.

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. 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 also uses email alerts and two factor authentication which is compatible with both Google and Authy Authenticators. In order to further secure user accounts, the exchange also provides the ability to whitelist withdrawal address, which restricts the places funds can be sent to.

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. It’s worth noting that users based in the USA cannot use a passport for verification due to state-specific laws, and must use a valid driver’s license or state ID. There is a great variety of customer support features upon the Beaxy exchange. You can submit a request to their customer support team regarding any issue that you have and they should get back to you rather quickly because of their 24/7 customer support. It offers more than 100 pairs for trading cryptocurrency — Bitcoin, Ethereum , Litecoin, Bitcoin Cash , Ethereum Classic , Dash/DASH), EOS/EOS, Monero , Ripple/XRP, Zcash .

Binance continues to get in trouble this week as the exchange giant, has been accused of hiding its links to China – despite claims it removed itself from the country in 2017. However, it expressed regrets that the regulatory environment was just too uncertain to function. It added that the current situation arose despite their best efforts to operate. A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. In its complaint, the SEC claimed that Nicholas Murphy and Randolph Bay Abbot have been operating the Beaxy Platform since October 2019 through their management of Windy Inc.

• Users are encouraged to first check their Help Center if a question arises.
• The exchange supports 6 fiat pairs, a two-way fiat ramp, credit and debit card purchases, and spot cryptocurrency trading.
• 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.
• Smartphone users can click the link at the bottom of the panel to get further instructions via email on how to proceed.
• After your transfers have been confirmed by the network and Beaxy displays your wallet’s funds, you are free to trade on the exchange.
• The Pending Balance gets credited to user accounts on the first of each month, and Beaxy provides downloadable, monthly loyalty rewards reports and rewards are paid out in each kind of currency that the exchange charges a commission on.

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. Welcome to the world’s leading cryptocurrency exchange with FREE Trading Bots! Pionex provides 16 trading bots like Grid Trading Bot which allows you to securely and automatically trade currencies like Bitcoin, Ethereum, Dogecoin and so on.

Roberto Campos Neto, president of the bank, also stated that this … The SEC has been ramping up enforcement against larger participants in the crypto industry. Get the latest crypto news, updates, and reports by subscribing to our free newsletter. We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date. There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers.