SEC Fines Exchange for Operating without Proper Authorization

SEC Fines Exchange for Operating without Proper Authorization

The US SEC released a cease-and-desist order barring EtherDelta from operating

EtherDelta is an ERC-20 trading platform. It permitted users to trade in a trustless ecosystem without registering accounts. Furthermore, the exchange unlawfully gave its users permission to trade coins that meet SEC securities requirement.

But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws.

Steven Peikin, SEC Co-Director of Enforcement Division

EtherDelta CEO, Zachary Coburn, will pay a disgorgement amount of $300,000, an interest of $13,000, a penalty of $75,000.

About EtherDelta

Launched in 12 July 2016, the ERC-20 exchange website was built with a non-complicated interface. It is a decentralized exchange, or DEX.

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