Kik (KIN) To Pay $5 Mln Fine For 2017 ICO

The Kin Foundation has announced that its blockchain project will continue to operate following a dispute with the SEC. In addition to paying a $5 mln fine, Kik will retain full control over its financial assets. There will be no trading restrictions for the KIN token, and it will continue to circulate freely on exchanges. Kin will need to notify the SEC of the sale or distribution of digital assets in the next three years. However, the regulator does not ask to register tokens as securities.

It is noted that the lawsuit caused great damage to the market value of KIN. The cryptocurrency dropped in the ranking, but after the decision, the market capitalization of the token has grown by almost 250% and is currently $24 mln. In January 2018, the cryptocurrency was the 45th largest on the crypto market.

Development of Kik continues as usual. The project is currently moving to the Solana blockchain. At the moment, 27 applications are integrated into the Kin ecosystem.

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