SEC Files Lawsuit Against Beaxy for Operating Unlicensed Securities Exchange

You can Handle unlimited users, Currencies, advertisements, Trade, Escrow etc. If you are Really Looking start a P2P Crypto Exchange and Trading Business, then this one is the right solution for you. Bitbns is the fastest and simplest way to trade cryptocurrencies with one of the best three-way Peer-to-Peer system for purchasing cryptocurrency with FIAT in India which will be soon extended to UAE and other countries. 18 of the top 20 currencies are listed and a total of over 70.

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• One place to access the complete cryptocurrency market, real time charts & cryptocurrency prices.
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• However, that is understandable when considering how young the exchange still is.

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. Beaxy offers several different order types in addition beaxy review to regular limit and market orders, including Limit IOC, Limit FOK, Take Profit, and more. Kucoin reports that it currently has a $400 Million average daily volume. However, that figure should be taken with a grain of salt in light of the recent wash-trading accusations that have been directed at the exchange. Both Binance and Beaxy do not have fiat currency markets for any cryptocurrency.

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Our partnerships allow us to provide the best exchange rate across all markets at any given time for you. Your email is used to access your transaction records, and account settings. Cryptocurrency exchange with 50+ XRP pairs & the first exchange with XRP as a base pair. Digital asset management platform for Bitcoin, Ethereum, XRP and more. Bitrue is a forward-thinking cryptocurrency exchange platform dedicated to providing the most trustworthy digital asset management services in a simple, efficient and secure manner.

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The Securities and Exchange Commission has filed a lawsuit against Beaxy, its affiliated entities, and executives for operating an unlicensed securities exchange. The lawsuit alleges that Beaxy sold unregistered security with the exchange token BXY and operated Beaxy as an unregistered securities exchange. The U.S. Securities and Exchange Commission charged crypto platform Beaxy and its executives for violating securities laws by not registering as a broker, exchange or clearing agency. No, you cannot avoid paying a fee when you withdraw Beaxy.

The main office of the company is located in Chicago, Illinois. 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. The team behind the platform, lead by CEOArtak Hamazaspyanand CTO Mittal Patel, has proven very transparent.

While the idea is very simple, it has a very complex architecture under the hood. Because of the large data of the blockchain, scalability has had to be a key point in the architecture. PostgreSQL, MongoDB, and some native blockchain databases are used to store and retrieve data. Withdrawal fee is calculated personally, taking into account the status of the account and the amount to be withdrawn. The exact amount of commission can be seen when withdrawal request is made. It should be noted that withdrawal fees are paid for transactions.

EO.Trade

If the token is locked for less than 1 month, PLS holders will be entitled to 15% of trading fees. On the other hand, this percentage increases by up to 25% if the token is locked for over 6 months. First of all, the coin can be used to reduce trading fees significantly, as described in the section above.

Some of the listed coins include BXY (Beaxy’s native coin), BTC, ETH, EOS, XRP, LTC, BCH, and XRP. Beaxy offers several different order types in addition to regular limit and market orders. Some of these order types include Limit IOC, Limit FOK, Take Profit, and more. After your transaction got confirmed by the network and Beaxy displays the funds in your wallet, you can now do your first trade. Since this is your first deposit for that particular coin, you will have to generate the wallet first. Right next to your selected currency, you will see a “+” icon which once clicked, displays the different wallets that you can make the deposit to.

Contributed to architectural decisions and changes, as well as architecture, and made its services horizontally scalable. Developed AN identity and access management service using .NET. 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. You can use the “Take pictures with Smartphone” feature, and both a Driving License and National ID must have both sides uploaded. Smartphone users can click the link at the bottom of the panel to get further instructions via email on how to proceed. The project held an Initial Coin Offering which ran until September 2018, and raised approximately $3 million in funding, and the exchange has just recently launched.

Beaxy held an ICO in September 2018 raising $3 million in funding. In the ICO, BXY utility tokens were sold which give traders that hold the coin several benefits on the Beaxy exchange. Beaxy’s users can stake the native utility token of the exchange, in order to reduce their fees by up to 50%. For Bitcoin transactions, this might take up to 15 minutes. For ERC-20 tokens and other coins it usually takes less than 5 minutes.

You can also complete the verification process via smartphone, and you can click the link at the bottom of the panel and then enter your email address. Mati will send a link to this email that can be used to continue the verification process by https://forexarena.net/ phone. TradeAlgo delivers unparalleled access to market tools with over 50 billion events processed daily. We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date.

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. Beaxy is a U.S. crypto exchange with low fees, more major fiat pairs and the tools to trade crypto profitably. Personal information is collected in order to provide services, and due to it being mandated by law, such as in the case of Anti Money Laundering and Know Your Customer legislations.

However, there are 3 main Beaxy alternatives that differentiate themselves by being superior on certain aspects. Additionally, the exchange stores funds in multiple cold wallets distributed across dozens of secret geographic locations. This makes it essentially impossible for a criminal to compromise all of the exchange’s funds. Furthermore, Beaxy is also among the very few exchanges in the space to offer live chat support, this is especially valuable when a critical issue arises. Additionally, if users combine staking BXY together with staking their earned loyalty points, they can bring them down even further to just 0.075%. At the time of writing, Beaxy Exchange has 22 coins listed with a BTC pair and 3 coins listed with a USDC pair.

Provides a marketplace for the most popular tokens to be listed and traded on the cryptocurrency exchange. Easily create an account or use your existing Indodax login. Allows you to trade with leverage during bull and bear markets. CEX.IO is a regulated multi-functional cryptocurrency exchange.

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. Statement stating that Artak Hamazaspyan, the founder of Beaxy, and the exchange unlawfully raised $8 million in an unregistered offering of the Beaxy token . The statement also stated that the SEC accused Hamazaspyan of misappropriating at least $900,000 for personal use, including gambling. The SEC accused a Chicago-based firm behind Beaxy and some affiliates of serving in various roles such as an exchange, broker and clearing agency without registering with the SEC.