SEC Wins Illegal Offering Case Over Kik’s $100 Million ICO

Kik Interactive Inc. violated securities laws when it failed to register its $100 million initial coin offering with the SEC or seek an exemption from those requirements, a federal judge in New York said.

Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York on Wednesday granted the Securities and Exchange Commission’s motion for summary judgment against Kik over its 2017 ICO.

The order marks the SEC’s latest victory stemming from its work to police the 2017-2018 ICO boom, which led to a flurry of agency cases alleging violations of securities laws by cryptocurrency entrepreneurs. ...