SEC, Kik Agree To End Crypto Sale Saga With $5M Fine

Law360 (October 20, 2020, 10:41 PM EDT) -- Kik Interactive Inc. and the top U.S. securities regulator told a New York federal judge on Tuesday they've agreed to resolve a landmark enforcement case over Kik's digital coin offering with a $5 million fine.

The proposed judgment handed to U.S. District Judge Alvin K. Hellerstein would tie up the case that appeared to be in the U.S. Securities and Exchange Commission's hands late last month when Judge Hellerstein ruled that Kik's 2017 sale of $100 million worth of its own cryptocurrency, Kin, violated securities laws for having never been registered with the SEC.

The judge granted summary judgment in the...

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