SEC sues Canadian social-media company Kik over $100 million token sale
Canadian social-media company Kik Interactive Inc. has become the most prominent business sued by U.S. regulators over claims it illegally raised capital by selling its own cryptocurrency.
The Securities and Exchange Commission sued Kik on Tuesday in federal court, alleging the company’s 2017 “initial coin offering” evaded U.S. investor-protection laws. With the civil lawsuit, the SEC is confronting one of the biggest ICOs two years after Kik raised $100 million selling a cryptocurrency it called kin.
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