Kik agreed to a $ 5 million fine in SEC litigation over the $ 100 million ICO The SEC and messenger developer Kik have submitted a joint proposal to resolve the ongoing dispute. Under the terms of the agreement, Kik must pay a $ 5 million fine for organizing an illegal ICO campaign, during which he managed to raise $ 100 million for the development of his cryptocurrency project Kin.

Kik agreed to a $ 5 million fine in SEC litigation over the $ 100 million ICO The SEC and messenger developer Kik have submitted a joint proposal to resolve the ongoing dispute. Under the terms of the agreement, Kik must pay a $ 5 million fine for organizing an illegal ICO campaign, during which he managed to raise $ 100 million for the development of his cryptocurrency project Kin.

Kik Accepts $ 5M Fine in SEC Proceedings Over $ 100M ICO

The US Securities and Exchange Commission (SEC) and messenger developer Kik have submitted a joint proposal to resolve the ongoing dispute. Under the terms of the agreement, Kik must pay a $ 5 million fine for organizing an illegal ICO campaign, during which he managed to raise $100 million to develop your cryptocurrency project Kin.

Earlier, the judge supported the SEC's position in this case. Now he also has to approve the proposal of the participants in the proceedings..

The SEC filed a lawsuit against Kik in May 2019. The regulator argued that ICO Kin was an illegal sale of securities since it was not registered. Kik, for its part, promised to defeat the SEC in court, in this way protecting the interests of the entire cryptocurrency industry. The lengthy litigation with the regulator, however, proved to be too costly. Subsequently, the company laid off 80% of its employees and organized a $ 5 million fund to protect the interests of crypto startups affected by the actions of the SEC.

Also, under the terms of the agreement, in the future, Kik must notify the SEC of its intentions 45 days in advance if it intends to make any transactions with reserves in the Kin vault..

In September, Kik's legal representative said the SEC should have developed clear rules for the cryptocurrency industry, rather than publishing "conflicting statements.".
Kik agreed to a $ 5 million fine in SEC litigation over the $ 100 million ICO The SEC and messenger developer Kik have submitted a joint proposal to resolve the ongoing dispute. Under the terms of the agreement, Kik must pay a $ 5 million fine for organizing an illegal ICO campaign, during which he managed to raise $ 100 million for the development of his cryptocurrency project Kin.

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