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Kik And The US Securities And Exchange Commission Propose Settlement Deal

Emily Mason

Summary: Social messaging app Kik and the Securities and Exchange Commission have proposed settling a dispute over a 2017 token sale with a $5 million fine, according to court documents.  Before the two parties can move forward with the settlement, it needs to be approved by federal district Judge Alvin K. Hellerstein which would end the year-long ...

Social messaging app Kik and the Securities and Exchange Commission have proposed settling a dispute over a 2017 token sale with a $5 million fine, according to court documents. 

Before the two parties can move forward with the settlement, it needs to be approved by federal district Judge Alvin K. Hellerstein which would end the year-long court proceedings. 

Part of the proposed settlement is that Kik must give the SEC 45 days notice before any transactions related to its Kin token treasury, a policy which would expire after three years. Similar charges brought against Telegram tanked the platform's blockchain project the Telegram Open Network.

By Emily Mason

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