SEC, EtherDelta founder settle charges over operating unregistered exchange

Technology

FILE PHOTO – The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

(Reuters) – The U.S. Securities and Exchange Commission (SEC) said on Thursday it settled charges against Zachary Coburn, the founder of cryptocurrency token trading platform EtherDelta, over operating an unregistered securities exchange.

EtherDelta users executed more than 3.6 million orders for ERC20 tokens over a period of 18 months, including tokens that are securities under the Federal Securities Laws, which required the platform to be registered as a national securities exchange, the SEC said.

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 SEC said in a statement. (bit.ly/2JOZGAx)

Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D’Silva

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