Commission United States securities and exchange Commission (SEC) has accused the founder of the platform, the trade of cryptocurrency tokens Zachary Coburn in the management of unregistered securities.

On 8 November, the regulator announced that the secondary market tokens ERC-20 EtherDelta provided buyers and sellers a marketplace for trading Ethereum tokens, using orders web site to demonstrate orders and smart contracts on Ethereum, said in a press release.

“Smart contracts EtherDelta was programmed to check messages about orders, confirmation of terms and conditions of orders, execution of paired orders, as well as for data update transactions on a distributed registry”, – stated in a press release.

The report also says that users EtherDelta spent more than 3.6 million transactions in 18 months “with tokens ERC-20, which include securities in accordance with the provisions of the Federal securities act”.

“Almost all orders placed through the platform EtherDelta, was sold after 2017, the Commission released its report on DAO in which it was concluded that some digital assets, such as tokens DAO should be considered as securities; and that the platform that offer trading of securities in the form of digital assets, must be registered with the SEC, or must be exempt from registration”.

Platform EtherDelta not registered as the stock exchange and it has not filed any applications for exemption from registration.

Head of SEC enforcement decisions Stephanie Avakian said that “in EtherDelta has a corresponding user interface and basic functionality of the exchange securities, and the company is obliged to register with the SEC or to qualify for exemption from registration.”

According to reports, Coburn has already resolved these issues before the SEC. Although he did not recognize, did not deny the charges, he paid $300,000 in favor of the state, $13 000 as interest for the period prior to adjudication and a fine in the amount of $75 000.

The Board noted that Coburn has actively cooperated with the regulator, and that this has led to a more lenient sanctions by the regulator.