Are There Examples of Regulatory Actions Taken against Non-Custodial Exchanges?

Yes, regulators have started to take action against non-custodial exchanges, often focusing on their developers or governance token holders. For example, the U.S. Securities and Exchange Commission (SEC) has brought charges against individuals and companies that created or marketed DEXs, alleging that they were operating as unregistered securities exchanges.

The case against the founders of the Uniswap protocol is a prominent example. These actions signal that regulators may view the creators of decentralized protocols as responsible for their operation, regardless of the non-custodial nature of the platform.