Beaxy exchange shuts down after SEC lawsuit

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. Windy, a company managed by Nicholas Murphy and Randolph Bay Abbott, provided the Beaxy Platform as a web-based trading platform that facilitated buying and selling of crypto assets that were offered and sold as securities. 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. Cryptocurrency firm Beaxy has suspended operations amid criminal charges by U.S. regulators. The Securities and Exchange Commission accused Beaxy and several of its executives Wednesday of operating as an unregistered broker, exchange and clearing agency.

• Circulating supply shows the number of coins or tokens that have been issued so far.
• It also charged founder Artak Hamazaspyan with raising $8 million in an unregistered offering of the token BXY and misappropriating at least $900,000 for gambling and other personal use.
• We wanted to increase the sophistication level of our analysis and approach.
• 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.
• “The Beaxy Platform also had the ability to trade crypto asset securities against its own customers, which gives it the means and the motive to put itself on the winning side of each trade, without regard to obligations that apply to registered broker-dealers,” the filing said.

This partnership will allow faster transactions, unique and advanced order types and an overall smoother flow in order books. Beaxy and its affiliates allegedly 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. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers.

https://traderoom.info/ 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. Adani Group executives met US investors, including BlackRock, Blackstone and Pacific Investment Management, as part of its plans to market privately placed bonds for some of its group companies, according to a report from The Economic Times. The conglomerate, led by billionaire Gautam Adani, is aiming to raise up to $1 bn in two tranches this year via such a route, said people with knowledge of the matter who declined to be named as they were not authorized to speak about it. The meetings were part of a global roadshow that reached US cities including New York, Boston, Los Angeles and San Francisco, as Adani sought to reassure international investors that the ports-to-power empire’s finances are under control. As much as $153 bn in combined market value was erased from company stocks following a January short-seller’s report. OneMarketData, LLC, a tick data management and analytics provider, announced that Beaxy, the all-in-one cryptocurrency exchange has exclusively built their matching engine on OneTick, OneMarketDatas flagship high performance analytics and data management platform.

Securities and Exchange Commission v. Beaxy Digital, Ltd., et al., No. 1:23-cv-1962 (N.D. Ill. filed Mar. 29,

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. Beaxy suspended services on its exchange and ceased operations “due to the uncertain regulatory environment surrounding our business,” the company said on its website—the SEC said in a statement Beaxy agreed to shut down the platform. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

On March 29, 2023, the Securities and Exchange Commission charged the crypto asset trading platform beaxy.com and its executives for failing to register as a national securities exchange, broker, and clearing agency. The SEC also charged the founder of the platform, Artak Hamazaspyan, and a company he controlled, Beaxy Digital, Ltd., with raising $8 million in an unregistered offering of the Beaxy token and alleged that Hamazaspyan misappropriated at least $900,000 for personal use, including gambling. Finally, the SEC charged market makers operating on the Beaxy Platform as unregistered dealers.

Securities and Exchange Commission v. Chicago Crypto Capital LLC, Brian B. Amoah, Darcas Oliver Young, and Elbert G. Elliott at the U.S. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Wednesday’s SEC action included charges against Windy Inc and its principals Nicholas Murphy and Randolph Bay Abbott for operating through Beaxy’s platform without being registered. The next day, prosecutors in New York added a Chinese bribery charge to their fraud case against Sam Bankman-Fried, who founded the now-bankrupt crypto exchange FTX.

Was regularly engaged in the beaxy of effecting transactions for the account of others in crypto assets that were offered and sold as securities, and thus should have registered as a broker. 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. That structure, which is common throughout the crypto industry, is one that the SEC’s chair has criticized for conflicts of interest and risks to investors. In its lawsuit,filedWednesday at the Northern District of Illinois, the securities regulator also accused the platform of failing to register as a broker and a clearing agency.

Beaxy exchange shuts down after SEC lawsuit

Launching a CBDC would open a pathway for Jordan to improve its domestic payment systems, but the IMF warned that the country should tread carefully to avoid potential financial repercussions. Acknowledging the rising popularity and adoption of tokenization, BoE’s John Cunliffe says the central bank is looking into the possibility of imposing limitations on stablecoins to mitigate risks. The most used employees email address of Beaxy is , being used 100% of the time.

• Clients had voiced concerns about ‘an upward drift in ratings across the fund universe’, which is now being addressed, according to MSCI ESG research.
• The SEC alleges Beaxy founder Artak Hamazaspyan illegally raised $8 million in an unregistered offering of its Beaxy token.
• The SEC alleged that market makers on the Beaxy Platform were operating as unregistered dealers.
• Tell your investment story with high-impact, multichannel solutions – earnings announcements and webcasts, press releases, events, ESG communications and IR websites.
• Market cap is calculated by multiplying the asset’s circulating supply with its current price.
• I strongly suspect – and I’m guessing I’m not the only one – that this may be a preview of how the SEC’s case against other crypto exchanges may go.

How to Complete Identity Verification Identity Verification or Know Your Customer standards are designed to protect your account against fraud, corruption, money laundering, and terrorist financing. Binance requires users to complete Identity Verification to increase their account security. Circulating supply shows the number of coins or tokens that have been issued so far.

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“Given this filing, and the fact that the SEC has reportedly issued a Wells notice to Coinbase, it is likely that this is a harbinger of additional actions with respect to exchanges and similar entities,” said Howard Fischer, a former SEC lawyer and a partner at law firm Moses & Singer. Lee’s proposals were voted down at the company’s general meeting earlier this week after failing to win over other shareholders, but he is not giving up. 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. Beaxy, for its part, claimed an “uncertain regulatory environment” as the reason for its shutdown ahead of the lawsuit’s publication. The Securities and Exchange Commission also accused the exchange’s founder of misappropriating customer money. Complaint alleging a $1.5 million investment fraud regarding crypto tokens issued by Saint Kitts and Nevis-domiciled Beaxy Digital Ltd. in the U.S.

“Unfortunately, despite our best efforts, it has become clear that the regulatory environment is just too uncertain to continue operations,” Beaxy stated. The exchange claimed it would make all funds available for withdrawal in 24 hours after canceling all orders and verifying balances. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at or find me on Twitter @nikhileshde. Trade Bitcoin and over 30 other cryptocurrencies on Beaxy, a U.S. exchange with a personalized approach. Please also note that data relating to the above-mentioned cryptocurrency presented here are based on third party sources.

BXY Price Information

The global culture of decentralized autonomous organizations arrived in Japan last week for DAO Tokyo, the first event of its kind in Asia according to the organizers, drawing over 350 founders and contributors from all corners of the world for discussions on all things DAO. The SEC claimed that Beaxy violated the Securities Exchange Act of 1934 because it brought together the orders for securities of multiple buyers and sellers using established non-discretionary methods under which such orders interacted. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.

It also charged founder Artak Hamazaspyan with raising $8 million in an unregistered offering of the token BXY and misappropriating at least $900,000 for gambling and other personal use. NEW YORK, March The U.S. Securities and Exchange Commission charged crypto firm Beaxy.com and several executives for registration failures on Wednesday, expanding regulators’ push to rein in the industry. Marathon Asset Management made around $30 mn in a few days because of a well-timed bet on Credit Suisse bonds, Bloomberg reported. The hedge fund accumulated around $150 mn in bonds in the Swiss lender’s senior operating company at knock-down prices just days before Credit Suisse offered to buy them back at a high premium in a March 16 statement, according to a person with knowledge of the matter. The trade was an opportunistic move to capitalize on current bank disruption and the fund had no prior exposure to Credit Suisse bonds before buying the positions last week, the person said. The next few paragraphs then contrasted Beaxy with the traditional securities world, noting that a national securities exchange would not “take possession or control” of an asset being traded, while clearing agencies handle settlement and broker-dealers.

Another man, Brian Peterson, was accused of acting as an unregistered dealer by providing marketing services to Beaxy. “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,”commentedSEC chair Gary Gensler. The Notified IR Cloud lets you manage stakeholder communications and regulatory requirements to maximize shareholder value. Tell your investment story with high-impact, multichannel solutions – earnings announcements and webcasts, press releases, events, ESG communications and IR websites. Also reported by Bloomberg, around 31,000 funds are about to have their ESG scores lowered at MSCI as the firm’s ratings unit works through a major overhaul of its methodology in response to feedback from market participants. Clients had voiced concerns about ‘an upward drift in ratings across the fund universe’, which is now being addressed, according to MSCI ESG research.

Beaxy will now service more than 20 different order types, including limits, stops, trailing orders and order sends order . The solution works by verifying inbound orders compute fees, ensuring and reserving available funds. Subsequently, the price matching engine determines a course of action for the order as an atomic, recoverable sequence of operations to ultimately fill the order , terminate it and finally persist as a completed transaction for historical record, all with microsecond latency. The percent change in trading volume for this asset compared to 24 hours ago. The SEC alleges Beaxy founder Artak Hamazaspyan illegally raised $8 million in an unregistered offering of its Beaxy token. The SEC alleged that market makers on the Beaxy Platform were operating as unregistered dealers.

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As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. 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.

“The Beaxy Platform also had the ability to trade crypto asset securities against its own customers, which gives it the means and the motive to put itself on the winning side of each trade, without regard to obligations that apply to registered broker-dealers,” the filing said. 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. 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. Without admitting or denying the allegations in the complaint, Windy, Murphy, Abbott, Peterson, and the Braverock Entities have agreed to permanent injunctions prohibiting them from future violations of the securities laws alleged in the complaint and to pay civil penalties.

Managers Nicholas Murphy and Randolph Bay Abbott maintained Beaxy for trading crypto assets ‘that were offered and sold as securities,’ the SEC said. The agency is also accusing them of violating securities law by operating an unregistered exchange, brokerage and clearing agency, though the platform was described as defunct in another SEC case last year. The SEC has charged crypto trading platform Beaxy for not registering as a national securities exchange, broker or clearing agency. It also alleges that Beaxy founder Artak Hamazaspyan raised $8 million in an unregistered offering of the Beaxy token and used at least $900,000 for personal use. 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.

The changes mean that only 0.2 percent of funds will have a AAA rating in the future, compared with roughly 20 percent now, according to MSCI estimates. The measures include giving managers of swap-based ETFs six months to provide data on their underlying index constituents, which MSCI will start using to generate ESG scores instead of collateral, it said. We wanted to increase the sophistication level of our analysis and approach. OneMarketData enables Beaxy to provide notable features including advanced order types, several wallets per currency, multiple users on a single account with various levels of permission, tax-ready reports, 24/7 customer support, in-exchange TradingView charting and a Security Token Offering launch platform.

On Monday, the Commodity Futures Trading Commission sued Binance, accusing the world’s largest crypto exchange of violating rules preventing illegal activity. “We strongly advise you to withdraw any remaining assets within 30 days to avoid unnecessary complications and delays,” the exchange told its users. 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. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. The percentage of Binance customers who increased or decreased their net position in BTC over the past 24 hours through trading.