Last week I wrote about Kik and its potential battle with the SEC.
Kik is adamant that its cryptocurrency, KIN, is not a security.
And in anticipation of a battle with the SEC it launched Defend Crypto, a crowdfund for its defense.
Careful what you wish for… because the SEC fired back today.
Today the SEC sued Kik over its $100 million ICO in 2017.
The SEC is asking a federal NY court to force Kik to refund the ICO and pay interest and penalites.
According to the SEC:
The ICO was a “Hail Mary” effort by Kik to raise funds so it wouldn’t run out of money.
Before the token sale Kik had consulted with the Ontario Securities Commission, who said Kik likely needed to comply with securities laws.
Kik’s claim that KIN was a utility token was disingenuous.
According to Kik CEO Ted Livingston, “This is not about KIN; this is about crypto broadly.”
Well, at the very least we’re getting some action from the SEC.
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