Quick Start
Beaxy launched in 2019 with a clean UI, a native token called BXY, and a pitch that sounded good on paper. They claimed regulatory alignment in the U.S., fiat onboarding, staking perks, and tools for pros. For a while, the site looked sharp – responsive charts, working sentiment meters, functional mobile app.
But behind the frontend, it was quiet. Trading pairs loaded, but most were dead. Order books had no depth. Even during major market moves, volume barely flickered. The user base stayed tiny. It never took off.
Low Volume, No Pull
The platform supported dozens of assets, but activity was minimal. Some tokens had price data but no trades. Market orders sat unfilled. Spreads were wide. Most users tried it once and didn’t come back.
Roughly 2300 accounts existed, about 850 in the U.S. – not enough to create a viable market. Despite integrations like FIX API and tools like Curv custody, the platform couldn’t get traction. No buzz. No loyalty. No momentum.
SEC Lawsuit
In March 2023, the SEC filed a complaint. It hit hard. Beaxy was accused of running an unregistered exchange, broker, and clearing agency. The regulator also alleged that founder Artak Hamazaspyan misused close to $1 million in user funds for gambling and personal expenses.
After that, control shifted to other managers – Murphy and Abbott – but nothing changed. The SEC labeled the native token BXY as an unregistered security. Another listed asset, DRGN, got the same label. The writing was on the wall.
Operations stopped almost immediately. Users had 30 days to pull their funds. No refund system, no redemption option. Just a window – then silence.
After the Shutdown
Even before regulators came in, user experience was rocky. Withdrawals could be slow. Fees didn’t match the interface. Support was inconsistent. A few praised the clean design, but reviews were rare and outdated.
The Trustpilot page had under 15 entries. Many were from 2020–2021. Most recent feedback – if you could find any – was negative. Complaints about liquidity, execution, and support were common.
Today, the interface may still open, but nothing works. Books are empty. Pools are ghosted. There’s no trading, no support, no activity. Just an echo.
Where It Ended Up
| Parameter | Status |
|---|---|
| Exchange status | Shut down since March 2023 |
| Legal case | Active SEC litigation |
| Tokens flagged | BXY, DRGN – unregistered |
| Users total | ~2300 (855 from the U.S.) |
| Volume at closure | Near zero |
| Refund plan | None announced |
Conclusion
Beaxy had the design, the features, and the compliance talk. But no users, no volume, and no trust. Once the SEC arrived, the facade cracked fast. The shutdown wasn’t dramatic – just quiet and final.
This wasn’t a rug pull. It wasn’t an exit scam. It was a slow leak – until the floor gave way. Beaxy now sits alongside other defunct platforms that tried, failed, and disappeared.
If you had funds on Beaxy, you already know the ending. If not – let this one be a warning. Good UI doesn’t mean a working exchange. And clean tokenomics don’t save you from regulators.