Kik urged exchanges to resume trading in its token after dispute settlement with SEC
The judge upheld the joint proposal of the US Securities and Exchange Commission (SEC) and the developer of the messenger Kik to resolve the dispute over the $ 100 million ICO campaign of the latter. Kik said that on this all legal claims against the company were removed, and a new chapter begins in the history of its Kin token..
Kik is required to pay a $ 5 million fine and some other conditions, but was able to avoid more severe consequences. “In a nutshell, Kik will be fine. Monetary penalty aside, Kik’s assets remain Kik’s property, including Kin’s reserves, ”the company writes..
The SEC, for its part, said that the satisfaction of the petition in court was the result of its discovery of “indisputable facts that the sale of Kik Kin tokens was a sale of investment contracts, and therefore securities.” The regulator noted that the unregistered sale of securities is a violation of the law.
According to the decision, over the next three years, Kik will have to notify the SEC 45 days in advance of its actions with digital assets, including Kin reserves. At the same time, Kik is not obliged to ask the SEC for permission to take such actions..
“The SEC did not ask to register Kin as a security and did not impose trading restrictions,” notes Kik. Until there was a decision, exchanges asked if they could list Kin. This limited the opportunities for Kin to be traded on leading exchanges. The judge’s decision and the terms of the agreement made it clear that Kik does not violate any securities laws and must be freely traded on exchanges. “.
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