Bloomberg Law
Oct. 20, 2020, 7:27 PM

Kik Agrees to $5 Million SEC Fine in Unregistered ICO Case

Andrew Ramonas
Andrew Ramonas
Securities Regulation Reporter

Kik Interactive Inc. will accept a $5 million penalty from the SEC to end litigation over a $100 million initial coin offering the technology company didn’t register with the agency.

The Securities and Exchange Commission and Kik announced the agreement in a proposed consent order filed Tuesday with the U.S. District Court for the Southern District of New York. Judge Alvin Hellerstein still must approve the deal for it to take effect.

The SEC declined to comment on the proposed consent order. A lawyer for Kik didn’t immediately respond to a request for comment.

The agreement came after Hellerstein ruled ...