The U.S. Securities and Exchange Commission is suing messenger app maker Kik for $100 million ICO for its Kin token which they think was an unregistered securities sale. The regulator appears to have built up a strong case in its initial court move.
In a blog post, Kik Ceo Ted Livingston explained how Facebook’s coin may replace the US dollar as the global reserve currency.
It seems that Facebook is in “hot water” again as the company stored millions of user passwords improperly for years.
The company will challenge the U.S. regulators in court over a potential enforcement action against 2017 KIN token offering.
Mainstream chat app Kik raised nearly $100M for its new Kin token to be used by messenger’s 15 million audience as the primary transaction currency.