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US Authorities Fine Crypto Exchange For Trading ERC-20 Tokens

17:07 09/11/2018

The US Securities and Exchange Commission (SEC) accused and fined Zachary Coburn, the creator of the EtherDelta cryptocurrency platform, which traded ERC-20 tokens, as follows from a press statement.

 

The regulatory authority decided that the company is working as an exchange without registration and trading tokens of ERC-20 standard, considered as securities by the Commission. This is the first decision of the SEC made in relation to the trading platform, where there were no fiat money transactions.

The exchange provided users with the opportunity to carry out operations with crypto assets using order books, a website that displayed applications, and smart contracts on the basis of the Ethereum blockchain.

 

Within a year and a half, EtherDelta customers have completed over three million orders for ERC-20 tokens, including those equated to securities by the country's federal legislation. Practically all the placed orders were implemented following the publication of the 2017 Commission document, in which DAO tokens were recognized as securities.

 

The exchange could apply for registration with the SEC, and then exceptions could be made regarding it within the federal legislation. The Commission believes that the securities market is constantly changing with the use of DLT, and SEC employees should follow innovations to always be ready to protect investors.

Zachary Coburn did not admit or deny his guilt but agreed to return illegal income for $300,000 to the state treasury, to pay a percentage of $13,000 for the time before the verdict of the judge and the fine of $75,000. SEC officials stressed that the Commission has not determined more severe punishment for Coburn due to his cooperation.

 

As previously reported, the SEC suspended the work of the company, which provided a fake permission of the regulator for crypto operations.

 

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