SEC Charges Ether Delta Founder With Operating an Unregistered Exchange

Must Read

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary Policy

Bitcoin investors and Ethereum investors have been against each other for quite a long time, but now it...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing...

Winklevoss’ Ticket To Space Eventually Turns Out To Be An Expensive One

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had bought the ticket from the...
5d85c99dd353c-bpfull
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

 

According to the SEC’s order, EtherDelta is an online platform for secondary market trading of ERC20 tokens, a type of blockchain-based token commonly issued in Initial Coin Offerings (ICOs). The order found that Coburn caused EtherDelta to operate as an unregistered national securities exchange.

According to the regulator, EtherDelta founder Coburn neither admitted nor denied the findings, but he consented to cooperate and to pay the state $300,000 in unlawful profits. Moreover, he agreed to pay $13,000 in prejudgment interest and a $75,000 penalty. The SEC also states that it would have imposed a greater fine if Coburn had failed to cooperate with the investigators.

Over an 18-month period, EtherDelta’s users executed more than 3.6 million orders for ERC20 tokens, including tokens that are securities under the federal securities laws. Almost all of the orders placed through EtherDelta’s platform were traded after the Commission issued its 2017 DAO Report, which concluded that certain digital assets, such as DAO tokens, were securities and that platforms that offered to trade of these digital asset securities would be subject to the SEC’s requirement that exchanges register or operate pursuant to an exemption. EtherDelta offered to trade of various digital asset securities and failed to register as an exchange or operate pursuant to an exemption.

Stephanie Avakian, Co-Director of the SEC’s Enforcement Division  said: “EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.”

 The SEC suspended securities trading in October of Nevada-based firm American Retail Group, Inc. for making false claims that its cryptocurrency trading activities were approved by the regulator.

In early November, the SEC reported that it is currently taking action against “dozens” of fraudulent Initial Coin Offerings (ICOs). The annual enforcement report for the 2018 fiscal year mentioned several illicit ICOs, three of which defrauded investors of over a combined $68 million.

 

Hot News

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary Policy

Bitcoin investors and Ethereum investors have been against each other for quite a long time, but now it is time to have a...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing that Justin Sun did just...

Winklevoss’ Ticket To Space Eventually Turns Out To Be An Expensive One

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had bought the ticket from the company, way back in 2014,...

Ethereum Mining Has Been Stopped By The Antminer E3

Bitmain is the leader of the cryptocurrency mining ASIC industry. The Antminer E3 has stopped mining the Ethereum classic, and there is only...

UAE’s Mashreq Bank All Set To Adopt Blockchain Technology

The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client security. The UAE government introduced...

Ethereum (ETH) Price Analysis: Bulls May Fade Away If ETH Continues Under $275

Since the starting of the month, ETH has been making failed attempts to cross the major mark of $300 If it continues to...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing that Justin Sun did just...

Winklevoss’ Ticket To Space Eventually Turns Out To Be An Expensive One

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had bought the ticket from the company, way back in 2014,...

Ethereum Mining Has Been Stopped By The Antminer E3

Bitmain is the leader of the cryptocurrency mining ASIC industry. The Antminer E3 has stopped mining the Ethereum classic, and there is only...

UAE’s Mashreq Bank All Set To Adopt Blockchain Technology

The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client security. The UAE government introduced...

RELATED NEWS

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary...

Bitcoin investors and Ethereum investors have been against each other for quite a...

CNN Interviews The TRON Foundation Founder And CEO Justin...

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto...

Winklevoss’ Ticket To Space Eventually Turns Out To Be...

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had...