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Why Beaxy Exchange Shutdown: Best Alternatives to Explore 2025
Beaxy was a fiat-to-crypto exchange with an innovative loyalty program that provided users with multiple ways to earn rewards. However, the platform was shut down in 2023, leaving thousands of users without a crypto trading platform. We’ll highlight a great alternative for the defunct exchange.
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A Quick Overview of the Beaxy Exchange
The exchange, which launched in 2019, was a fiat-to-crypto trading platform aimed at blending traditional finance with digital assets. Its native coin (BXY) and related loyalty program, which offered up to 12% APY, were its most notable features.
With fiat support, crypto deposits, and a Gunbot trading bot partnership, the platform gained attention for rewarding active traders and challenging some of the best crypto exchanges like Binance and KuCoin.
How Beaxy Exchange Went From Success to Shutdown
In March 2023, the platform was shut down following a U.S. Securities and Exchange Commission (SEC) investigation and subsequent charges.
The SEC alleged that the exchange violated American securities laws by operating as an unregistered national securities exchange broker and clearing agency. They also alleged that the exchange raised $8 million through an unregistered offering of its native BXY token. The founder was also accused of misappropriating approximately $900,000.
Beaxy reached a settlement with the SEC that saw them agree to pay fines totaling $165,200, cease operations, and shut down their platform. Following the shutdown, customers were advised to withdraw all their assets within 30 days.
As of 2023, the platform is not available for crypto trading. This left previous users of the platform searching for a viable alternative.
Why Kraken Crypto Exchange Is The Perfect Alternative
There are several crypto exchanges you can use to trade digital assets. Our recommendation for the best Beaxy alternative is the Kraken crypto exchange.
The platform is renowned for its prioritization of security, transparency, and regulatory compliance. This is coupled with advanced trading features and low fees, making it an all-around great exchange.
One of the world’s most trusted and secure crypto exchanges with low fees and advanced trading tools.
What makes Kraken the best Beaxy alternative?
More than 500 digital assets can be bought, sold, and traded on the platform. Their pro platform supports margin trading, staking, OTC trading, and advanced order types.
The exchange takes pride in its strong focus on security and regulatory compliance. The exchange enforces strict KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to meet global standards.
They hold multiple regulatory licenses and operate in the United States and the United Kingdom. They are also regulated in Canada, Australia, and many other jurisdictions.
Users can also access the platform through its mobile app, which is available on both iOS and Android devices.
Need More Options? Top Crypto Exchanges to Consider
Several safe crypto exchanges offer secure trading, rewarding programs, and advanced tools for every level of trader. Here are our top picks.
Final Thoughts: Is Kraken Worth It?
Beaxy was an innovative cryptocurrency exchange that offered lucrative rewards and strong trading features. However, it’s no longer available.
Fortunately, alternative exchanges like Kraken provide better benefits for crypto traders. If you want to trade crypto in 2025 and beyond, then it’s a solid option. But don’t just take our word for it; try it for yourself.
The best traders use these wallets to store their crypto
If you’re thinking about trading crypto, you’ll need a crypto wallet to keep your digital assets safe. These are the top-rated wallets on the market.
FAQs
Bitcoin SV could be purchased on the platform before it was shut down.
The exchange had a strong security record prior to its shutdown in 2025.
Beaxy’s fee structure was competitive, but the exchange is no longer operational.
Yes, prior to its shutdown, the platform had a partnership with the Gunbot trading bot, which allowed Gunbot users to connect to the exchange at no extra cost.
Beaxy was a global company headquartered in Chicago and maintained offices in London, Armenia, Ukraine, and Israel before it was shut down.
