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Negotiation price mounts to $5 million for Kik



Negotiation price mounts to $5 million for Kik
Source: Pixabay

With the stricter regulations being imposed by the United States Securities Exchange Commission [SEC], many crypto organization had to reveal all the transactions related records to the crypto governing body. With the new legal framework, the SEC had the right to terminate the business of crypto organization if they do not adhere to the newly introduced laws and regulations.

The latest organization to come under the surveillance radar of the governing body was Kik. The crypto company was accused of illegally raising vast amount of money earlier. To prove that the organization had carried put th entire process legally, it served Wells notice.

Ted Livingston, the CEO of Canadian-based informing startup Kik said,

“We’ve spent a lot of time on this, we’ve spent the last 18 months traveling to Washington.”

The SEC expressed that it accepts that Kik’s “Token Distribution Event” two years prior violated the protections laws. For this, the organization had to get all the operations thoroughly checked so that the SEC granted freedom to the company by giving green signal.

As the international crypto regulator started making changes in the existing regulations to care the rules as per the new guidelines, the crypto fans and the crypto exchanges can expect a stricter reform system to grip the illegal activities in the offing.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.