The arbitration may be conducted in person, through the submission of documents, by phone, or online. The arbitrator will make a decision in writing, but need not provide a statement of reasons unless requested by either Party. The arbitrator must follow applicable law, and any award may be challenged if the arbitrator fails to do so. Except where otherwise required by the applicable AAA rules or applicable law, the arbitration will take place in United States County, AZ. Except as otherwise provided herein, the Parties may litigate in court to compel arbitration, stay proceedings pending arbitration, or to confirm, modify, vacate, or enter judgment on the award entered by the arbitrator. Automated trading execution whereby trades are opened and closed in your account without your manual intervention could occur in your trading accounts if you use Website services that link and automate trading to that of a third party you decided to empower to indirectly trade your investment account.
Volume data is untracked
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. According to the regulator, Murphy and Abbot took over the reins ofBeaxy Exchange in October 2019 after convincing Hamazaspyan to resign as aresult of the unregistered sale of BXY and the misappropriation of customerfunds. Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. 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. 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.
- With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe.
- 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.
- The exchange team contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz.
Beaxy Fees\r\n
After your transfers have been confirmed you are free to trade 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. 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. In no event shall any Dispute brought by either Party related in any way to the Site be commenced more than one (1) years after the cause of action arose.
Investment decisions may not be profitable and may result in the loss of your entire invested amount. No assurances of any kind are or can be given by Company that the information and features offer on or through our Website will meet your goals and expectations. No assurances can be given that the use of our Website will not result in losses, taxes, or other fees and expenses. Beaxy aims to become a leader in the crypto trading space and is best suited to people with a good understanding of trading digital assets and using exchanges. As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure and various incentives, which should prove successful in attracting users to the platform and improving the validity of the BXY token. Securities and Exchange Commission (SEC) charged the online crypto asset trading platform, Beaxy Exchange, and its executives, with failing to register as a national securities exchange, broker, and clearing agency1.
- The exchange makes use of high throughput and low latency database performance capabilities, and the Beaxy Exchange platform is built in-house utilizing the same technologies used by Bloomberg and Scottrade for high throughput, low latency database performance.
- We will maintain certain data that you transmit to the Site for the purpose of managing the performance of the Site, as well as data relating to your use of the Site.
- Nonetheless, it is a welcome feature and should contribute to a quick growth of adoption and liquidity on the exchange.
- They will also be adding advanced order types as options, which is a feature that current exchanges are significantly lacking in.
Beaxy Fees
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. After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link. At this exchange, they accept fiat currency deposits (both wire transfer and credit cor debit card transfers) through Simplex. Accordingly, we believe that this exchange has closed down and we have marked it as “dead” in our Exchange Graveyard. If the exchange’s website would become accessible again and the error is just temporary, we will “revive” it and bring it back to our Exchange List. “Trading on the platform hasbeen halted effective immediately to simplify the withdrawal and reconciliationprocess.
Moreover, the SEC said it will continue its litigation against Hamazaspyan for securitiesfraud, and both the Founder and Beaxy Digital for the unregistered offeringof BXY. According to the SEC, Windysigned an agreement with Peterson and his companies in December 2019 to providemarket marking services for BXY. In May 2020, one of the firms signed asimilar agreement for a different digital asset. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. We advocate for you to do your own research and make educated financial decisions.
These requirements are targeted at protectinginvestors and ensuring checks and balances among the various firms. The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the Beaxy exchange, shutting down its operations. Windy and its current managers agreed to pay $79,200 in civil penalties but did not admit to or deny the SEC’s allegations, the agency said, but the SEC is still litigating securities fraud charges filed against Hamazaspyan.
Useful Links
As with other exchanges the fees get lower the more volume you trade and the more of their proprietary token you hold. If you are able to afford to hold a half million BXY then you have no trading fees to worry about. Beaxy also offers a referral program, which allows you to refer friends to the exchange and receive 10% of their trading fees for the lifetime of their account, which seems to be the standard rate across exchanges.
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. With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe.
Fees
One more thing worth noting is that Beaxy is in the final stage of discussions with Optiv, a cybersecurity giant. They are planning to provide penetration, cloud infrastructure, white box, black box, and many more tests to insure Beaxy’s security. 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.
We reserve beaxy exchange review the right to change, modify, or remove the contents of the Site at any time or for any reason at our sole discretion without notice. We also reserve the right to modify or discontinue all or part of the Site without notice at any time. We will not be liable to you or any third party for any modification, price change, suspension, or discontinuance of the Site. If you believe that any material available on or through the Site infringes upon any copyright you own or control, please immediately notify us using the contact information provided below (a “Notification”). A copy of your Notification will be sent to the person who posted or stored the material addressed in the Notification. Please be advised that pursuant to federal law you may be held liable for damages if you make material misrepresentations in a Notification.
Otherwise, it will be difficult for Beaxy to attract new trading users to its platform. The SEC’s action against Beaxy comes a week after the regulator charged crypto entrepreneur Justin Sun and three of his companies with engaging in wash trades with the Tronix (TRX) token. Additionally, the financial watchdog charged eight American celebrities for promoting TRX and/or BitTorrent tokens without disclosing that they were paid to do so. The parties, without admittingor denying the allegations, have also agreed to pay various amounts inpenalties to the SEC. This includes $79,200 in civil penalties to be paid by Windy, Abbot andMurphy.
The SEC alleges Beaxy founder Artak Hamazaspyan illegally raised $8 million in an unregistered offering of its Beaxy token. 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. 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. From here you can click the Mati “Verify me” button, and choose your preferred language. 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.