Express
US District Court Orders Kik To Pay $5 Million Penalty For Conducting An Unregistered Securities Offering
Summary: The U.S. District Court for The Southern District of New York has ruled that social media app Kik's sale of "kin" tokens violated federal securities law, according to a recent announcement. The Securities and Exchange Commission filed charges against Kik alleging that sale of "kin" tokens in 2017 constituted an unregistered securities offering. Kik will ...
The U.S. District Court for The Southern District of New York has ruled that social media app Kik's sale of "kin" tokens violated federal securities law, according to a recent announcement.
The Securities and Exchange Commission filed charges against Kik alleging that sale of "kin" tokens in 2017 constituted an unregistered securities offering.
Kik will pay a $5 million penalty and is required for the next three years to provide notice to the Securities and Exchange Commission before engaging in future issuances, offers, sales and transfers of digital assets.
By Emily Mason
Tags: Kik,Securities and exchange commission,Unregistered Securities Offering
Link: US District Court Orders Kik To Pay $5 Million Penalty For Conducting An Unregistered Securities Offering [Copy]
