unregistered exchange

Unregistered Exchange

An exchange that is not required to register with the SEC or submit to most of its requirements. Unregistered exchanges are very small and trade predominantly or exclusively in local issues. An unregistered exchange should not be confused with unregistered stock.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

unregistered exchange

A securities exchange that has been exempted from registration by the SEC. Unregistered exchanges are generally quite small and trade local issues in moderate volume. The Honolulu Stock Exchange is unregistered. Compare registered exchange.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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In November 2018, Zachary Coburn, (https://cointelegraph.com/news/bancor-seeks-to-exclude-us-users-from-trading-over-regulatory-uncertainty) the founder of Etherdelta was charged with operating an unregistered exchange by the US Securities and Exchange Commission (SEC).
and its founders, who allegedly defrauded investors in securities offerings of two digital assets, Bitqy and BitqyM, and operated an unregistered exchange to permit trading in one of them, a digital token called Bitqy.