“We forthrightly committed to cooperation with the Securities and Exchange Commission for over two years, continually providing information, data and interviews to assist regulators in whatever manner we could,” Beaxy said. This platform is not only available from your desktop, you can also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. The exchange claimed it would make all funds available for withdrawal in 24 hours after canceling all orders and verifying balances. The most used employees email address of Beaxy is , being used 100% of the time.
But a case filed by the Securities and Exchange Commission just a few days later against a much smaller player whose name also starts with a “B” could also have big ramifications for the digital-asset space.The SEC’s complaint against this other “B” — Beaxy.com — flew somewhat under the radar. But it was the first time the agency sued a crypto platform for simultaneously operating an unregistered exchange, brokerage and clearing business – a problem that SEC Chair Gary Gensler has repeatedly said is rampant in the sector and poses a conflict of interest. The U.S. Securities and Exchange Commission filed a lawsuit against crypto exchange Beaxy last week, alleging it offered an unregistered securities sale through a 2018 initial coin offering, and that it operated as an unregistered securities exchange, broker-dealer and clearing agency. Mr Ken Nagatsuka is the Executive Director and Head of Payments Department at the Monetary Authority of Singapore (MAS). The department is responsible for the authorisation, ongoing supervision and policy-making in relation to payment systems and payment service providers, such as e-money issuers, remittance providers and digital payment token (more commonly known as cryptocurrency) service providers under the Payments Services Act. Prior to this, Mr Nagatsuka has worked in the field of capital markets regulation for over 15 years, and was previously Head of the Capital Markets Policy Division responsible for policy formulation and reviewing legislation in relation to capital markets and market infrastructures.
Naturally, referral programs and options to customize the trading experience are also positive. The exchange was previously registered in Saint Kitts and Nevis, but it is now owned by Windy Inc. (a Delaware corporation) and https://investmentsanalysis.info/‘s headquarters today are in Chicago, Illinois. “We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” the exchange told its users.
- It further said it was forced to make the difficult decision to stop the operations because of the uncertain regulatory climate surrounding its business.
- Prior to joining TRM Labs, he served as a Senior Advisor to the Deputy Secretary and the Under Secretary for Terrorism and Financial Intelligence at the United States Department of Treasury.
- Launched on 10 Jun 2019, Beaxy Exchange is a centralized exchange, headquartered in The Board of Trade in Chicago, IL.
- By doing so, the complaint alleges that Peterson and the Braverock Entities acted as unregistered dealers.
- Prior to this, Mr Nagatsuka has worked in the field of capital markets regulation for over 15 years, and was previously Head of the Capital Markets Policy Division responsible for policy formulation and reviewing legislation in relation to capital markets and market infrastructures.
This absolutely reads like a playbook for how the SEC could sue Coinbase, if that situation doesn’t resolve with a settlement or non-action. So far all Coinbase has said is that the notice lists “an undefined” number of its listed cryptocurrencies, and that its Earn, Prime and Wallet products potentially violate securities law. Beaxy, for its part, claimed an “uncertain regulatory environment” as the reason for its shutdown ahead of the lawsuit’s publication. The SEC is litigating its charges against Hamazaspyan for securities fraud and against Hamazaspyan and Beaxy Digital for the unregistered offering of BXY.
US SEC Forces Shut Down of Crypto Platform Beaxy
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. Otherwise, it will be difficult for Beaxy to attract new trading users to its platform. Before Fidelity, Osvaldo served around ten years at TIAA, working on the institutional side of the business for four years and the Wealth Management space for around six years. During his tenure at TIAA, he was a part of projects and pilots catering specifically to DOL and Suitability changes, including regulatory requirements and user interface. Notably, the regulator has alleged that Hamazaspyan misappropriated at least $900,000 for personal use, including gambling.
- The crypto world was riveted last week by news of the US Commodity Futures Trading Commission’s hard-hitting lawsuit against industry leader Binance — and rightly so.
- 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.
- The US Securities and Exchange Commission (SEC) on Wednesday registered charges against crypto trading firm Beaxy and executives at the company.
- Their API feature REST and WebSocket as well as FIX, view the documentation here.
- It said the company and its founder indulged in the misappropriation of around $900,000 for their personal reasons, which included gambling.
In this capacity, he worked with teams from the Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC), and other Treasury and interagency components on issues related to sanctions, the Bank Secrecy Act, cryptocurrency, and anti-money laundering strategies. Previously, Mr. Redbord served as a Senior Assistant United States Attorney for the District of Columbia, where he investigated and prosecuted cases related to cryptocurrency, terrorist financing, sanctions evasion, export control, child exploitation and human trafficking. He has received numerous awards from FinCEN, the FBI, and the United States Attorney’s Office, including the Attorney General’s Award for leading an interagency task force dedicated to prosecuting those who abuse and exploit children. Previously Bradley oversaw Strategy with SunGard Financial Systems (now FIS), heading up strategic, business planning and product development across Asia, Africa, Latin America and the Middle East. Prior to this, he was a management consultant focused on private equity and alternative assets.
Why are you interested in Beaxy?
Beaxy Exchange offers prebuilt TA, signals, for cryptocurrencies listed on their platform. Their API feature REST and WebSocket as well as FIX, view the documentation here. “We allege that Beaxy and its affiliates performed the functions of an exchange, broker, clearing agency, and dealer without registering with the Commission and complying with clear, time-tested rules governing those activities,” commented SEC chair Gary Gensler. The SEC alleges that when Windy Inc. took over the platform from Hamazaspyan in 2019, the new managers continued using Beaxy for trading crypto assets “that were offered and sold as securities” and in turn violated securities law. According to the complaint, Beaxy carried out the functions one might expect a national securities exchange, a broker and a clearing agency all would carry out despite not registering as any of these with the regulator. Among its allegations, the SEC said Beaxy operated as an unregistered exchange, a broker and a clearing agency.
Hamazaspyan also allegedly misappropriated at least $900,000 for personal use, including gambling, the SEC said. It doesn’t look like Beaxy or its executives settled the charges with the SEC, but the fact the exchange is shutting down suggests this will be the kind of case the SEC may look to for a potentially easy win ahead of the Coinbase lawsuit. Trade Bitcoin and over 30 other cryptocurrencies on Beaxy, a U.S. exchange with a personalized approach. Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University’s business and economic reporting program. Jesse Hamilton is CoinDesk’s deputy managing editor for global policy and regulation.
Beaxy Email Format
In the past few months, a number of crypto firms have been hit with civil lawsuits, as U.S. regulators crack down on the budding industry. Most notably, cryptocurrency giant FTX collapsed last year and its founder Sam Bankman-Fried was charged with fraud. 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. Cryptocurrencies are reportedly secured by Curv institutional custody and fiat accounts are insured up to $250,000. Beaxy Exchange offers prebuilt technical analysis trading signals for cryptocurrencies listed on their platform. Their API features REST and WebSocket as well as FIX, view the documentation here. Launched on 10 Jun 2019, Beaxy Exchange is a centralized exchange, headquartered in The Board of Trade in Chicago, IL. The exchange claims to support 6 fiat pairs, a two-way fiat ramp, credit and debit card support, and spot cryptocurrency trading.