HitBTC quietly delisted disgraced Kin token
Cryptocurrency exchange HitBTC has suspended trading in the Kin token without any announcements or clarifications.
Kin trading on HitBTC was discontinued approximately 40 hours prior to this release, shortly after the US Securities and Exchange Commission (SEC) lawsuit against Kik became known..
Kik is accused of an unregistered placement of securities through an ICO in 2017, during which it managed to raise almost $ 100 million through the sale of Kin. The company, for its part, accuses the SEC of misinterpreting securities laws. Against the background of these events, American crypto companies Coinbase and Circle have already refused to participate in the Defend Crypto initiative, aimed at raising funds to protect Kik from the SEC..
As noted by The Block reporter Larry Cermak, HitBTC remained the only centralized cryptocurrency exchange with real liquidity in the Kin markets. Kin is now listed on either exchanges with allegedly fake order book fullness or decentralized exchanges like Bancor and EtherDelta.
“Of course, now the risk of continuing to serve Kin trading is extremely high. But most exchanges don’t care, as they are already 99% + falsifying their trading volumes. What’s a little more risk for them? ” – asks Chermak, while users express surprise at the fact that HitBTC is suddenly puzzled by legal risks.
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