CryptoNewsBreaks – US Securities and Exchange Commission Announces Settled Charges with EtherDelta Founder

November 9, 2018 11:16:39

The U.S. Securities and Exchange Commission (SEC) yesterday announced that it has settled charges against Zachary Coburn, founder of digital token trading platform EtherDelta. An order from the SEC found that Coburn caused EtherDelta, a secondary trading market for ERC20 tokens, to operate as an unregistered national securities exchange. Per the update, EtherDelta’s users executed more than 3.6 million orders for ERC20 tokens over an 18-month period, including tokens that are securities under federal securities laws. “EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption,” Stephanie Avakian, co-director of the SEC’s Enforcement Division, stated in the news release. Without admitting or denying the findings, Coburn consented to the order and agreed to pay $300,000 in disgorgement plus $13,000 in prejudgment interest and a $75,000 penalty.

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About EtherDelta

EtherDelta is a cryptocurrency exchange built specifically for ERC20 token and Ethereum trading pairs. The exchange runs on Ethereum-powered smart contracts that are responsible for managing trading, deposits, withdrawals and wallet integration. For more information, visit the company’s website at

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