SEC Charges EtherDelta Founder

SEC Charges EtherDelta FounderSEC Charges EtherDelta Founder
By Sheevika Senanayake - November 8, 2018


The U.S Securities and Exchange Commission has charged Zachary Coburn, the founder of decentralized exchange (DEX) EtherDelta for operating an unregistered exchange.

A DEX is a platform where users can conduct trust-less trades without an intermediary, with smart contracts managing transactions. However, the SEC has stated that the platform has allowed the exchange of tokens that the regulator considers to be securities.

Coburn has agreed to pay the $300,000 charge with the addition of the pre-judgement interest of $13,000 and a $75,000 fine although he has not admitted or denied the charges.