EtherDelta Founder Pays $388,000 in Fines to Settle SEC Charges

© Reuters. EtherDelta Founder Pays $388,000 in Fines to Settle SEC Charges © Reuters. EtherDelta Founder Pays $388,000 in Fines to Settle SEC Charges

The US Securities and Exchange Commission (SEC) announced on Thursday it had settled charges against EtherDelta founder Zachary Coburn, who paid a total of $388,000 in fines. The regulator determined that the trading platform had been operating as an unregistered securities exchange since many of the ERC20-based tokens available there qualify as securities under US law. This is the first enforcement action of its kind, the SEC added.

Coburn did not admit or deny the charges but agreed to pay $300,000 in disgorgement, a $75,000 penalty, and $13,000 in prejudgment interest. Given his cooperation, the SEC did not impose a greater fine.

According to the

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.