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EtherDelta Founder Charged by SEC for Operating Unregistered Exchange

Discussion in 'General Discussion' started by Arpit, Nov 9, 2018 at 10:47 AM.

  1. Arpit

    Arpit Moderator Premium Member

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    The Securities and Exchange Commission announced in a press release that it has settled charges against EtherDelta founder Zachary Coburn. This is the SEC’s first enforcement action based on findings that a platform operated as an “unregistered national securities exchange.”

    EtherDelta is one of the largest decentralized cryptocurrency trading platforms by trading volume, and prior to a hack in December of 2017, it was one of the most popular exchanges for trading ERC20 tokens. According to statistics from the SEC, over an 18-month period, there were over 3.6 million orders placed on EtherDelta.

    The exchange supports the development and maintenance of the service by charging a 0.3 percent taker-fee for market orders. Coburn and other software developers who operated the platform were the primary beneficiaries of that fee.



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