The SEC requested an early ruling in Kik's $ 100 million ICO lawsuit




The U.S. Securities and Exchange Commission (SEC) has requested an early preliminary ruling from the Court in the case against Kik about the company's $ 100 million KIN token ICO in 2017.



The SEC first filed a lawsuit against Kik in June 2019. The committee argued that the company's ICO was clearly a security issue. While Kik sought to declare that KIN was a currency and not a security, the SEC stated that they had undeniable evidence.


"Kik's 2017 offering and sale Kin is a public offering and sale of investment contracts to the public, not registered with the SEC and exempt from registration under the law."


Kik sold over half a trillion tokens to investors outside of Canada and raised $ 100 million through an ICO in September 2017.


The committee accused Kik of blatantly informing investors that the KIN price would rise along with the growing demand for tokens - blatantly violating the Securities Act through "sweet words". about profit expectations for investors.


The SEC is working on a permanent ban on the Canadian company, in addition to penalties, to repay Kik's illicit benefits.


The lawsuit exacerbated Kik's financial disaster


The lawsuit has exacerbated Kik's economic woes, the company announced it would close its free messaging service in September last year.


The messaging platform was purchased by US-based MediaLab in October of the same year.


Annie


Follow AZCoin News




Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page



Nexo

Crypto loans are only from 5.9% annual interest rate - you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →






Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

Post a Comment

Previous Post Next Post

Đọc nhiều trong tuần

10 Grands Sites de modèles PowerPoint gratuit
10 Grands Sites de modèles PowerPoint gratuit

PowerPoint est toujours le roi quand il vient à un logiciel de présentation. Il a été autour depuis des siècles et chaque nouvelle version ajoute plus de fonctionnalités et rend …

17 best home jobs in 2020
17 best home jobs in 2020

Earning Money blog access_time April 13, 2020 hourglass_empty 28 least Read Finding work from home is easier thanks to high technology. Not only suitable for tho…

How much RAM is the iPhone 12 Pro?
How much RAM is the iPhone 12 Pro?

The RAM of the iPhone 12 Pro is up to 6GB.
Based on information in the latest Xcode beta from Hiraku, it can be said that both of Apple's new iPhone 12 Pro models have 6GB of R…

JavaScript
JavaScript

JavaScript is a programming language of HTML and WEB. It is lightweight and most commonly used as part of web pages, but their implementation allows Client-Side scripts to interac…

translate