Operator Of Bitcoin-related Exchange Sanctioned By SEC

A computer programmer who operated two online-trading ventures using virtual currencies has settled charges with the Securities and Exchange Commission, the agency said Monday. The SEC said Ethan Burnside operated the exchanges, which used currencies like bitcoin, without registering the venues as broker-dealers or stock exchanges. Burnside cooperated with the SEC's investigation and paid more than $68,000 to settle the case. He agreed to be barred from the securitites industry, with the right to reapply after two years, the SEC said.