SEC Fines Bitcoin Securities Exchange $68,000

The U.S. Securities Regulators announced on Monday that they have fined a stock exchange $68,000, which needed to be paid immediately. The stock exchange had been accepting Bitcoins to trade securities, but had not registered that he was accepting Bitcoins which is against the law.

 

The company, BTC Trading Corp, owned by Ethan Burnside, operated two online security exchange sites, where they allowed customers to buy and sell securities of companies with the virtual currency from 2012 to 2013. Burnside did not admit having done anything wrong, but he didn’t deny doing it either and agreed to not work in the industry for the next two years, after which he can once again apply for a license.

 

The two online exchange sites had a total of 10,000 users active, which did more than 425,000 trades over the course of the two years. The settlement between Burnside and the SEC means that he has to pay $10,000 in fines and $58,387 in profits and interests for having run the exchange illegally.  

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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