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Beaxy is a digital asset exchange platform based in Chicago, Illinois with a worldwide team and customer base. It was launched on June 11, 2019 with 60,000 pre-registered users having signed up to use the software platform for exchanging cryptocurrencies. Beaxy's algorithms create offers for both the sale and purchase of cryptocurrencies, allowing users to trade bitcoin, ethereum, litecoin, bitcoin satoshi vision (BSV), and other digital currencies against both digital and fiat currencies in trading pairs. As a U.S. based Money Servicing Business, it enforces all relevant U.S. regulations to include Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Beaxy Exchange is a subsidiary of holding company Windy, Inc.

The launch of the original Beaxy Exchange suffered several complications. One month before its June 2019 launch there was a high-profile attempted hack against a Beaxy team member in an effort to gain access to the exchange's infrastructure which ultimately failed. Two months following the launch of Beaxy Exchange, some users executed an improper sell-off of the cryptocurrency XRP which caused Beaxy to halt trading on the exchange while those responsible were pursued. The coordinated price crash resulted in XRP being traded for bitcoin at 40% of the global value for a certain duration.

Beaxy 2.0
In February 2020, after significant structural reorganization and the acquisition of a new development team, Beaxy launched the Beaxy Exchange 2.0 web platform and mobile application. Shortly thereafter, integrations and partnerships were announced with TradingView to bring global trading data and charting to the platform and with AutoChartist to incorporate automated technical analysis indicators, the latter being a first for any U.S. based cryptocurrency exchange. To further leverage the ability of that automated technical analysis, Beaxy then released Trender – a swipe-based trading experience similar to those used by popular mobile dating applications.

In April 2020, Beaxy partnered with Israel-based payments provider Simplex to enable credit and debit card purchases for bitcoin, ether, and tether (USDT). The purchases are subject to Simplex’s local branch guidelines for different areas worldwide.

XRP Trading Halt
The Securities and Exchange Commission (SEC) brought suit against Ripple Labs in December 2020, alleging the sale of an unregistered security with its token XRP. As a result of this allegation, Beaxy conditionally halted trading and deposits of XRP, while still allowing users to submit withdrawals, pending a resolution of the legal case against Ripple Labs.

Proof Systems Collaboration with DragonChain
Beginning in June 2020, Beaxy partnered with DragonChain to introduce “Proof Systems” into the cryptocurrency trading industry. Proof Systems require all trading activity on a centralized cryptocurrency exchange to be uploaded to a publicly auditable blockchain. This began small with registrations for trading competitions and was featured on the Discovery Science Channel series, “Open Source Money.” Since then, Proof Systems have developed to include all buy and sell orders placed by any individual or institution using the Beaxy Exchange platform, to include orders which do not finally execute. This system is designed to prevent issues like order flow manipulation, front-running (seeing how orders and trades are placed and having the ability to execute a new order with the benefit of this information before the original orders can execute), and wash trading (an exchange trading with itself to artificially inflate its trading volume figures).