SEC charges Kik with conducting $100 million unregistered ICO

The Securities and Exchange Commission (SEC) sued Kick today for conducting an illegal $100 million securities offering of the $KIN digital token. The SEC's complaint also alleges that Kik marketed the Kin tokens as an investment opportunity. “Kik told investors they could expect profits from its effort to create a digital ecosystem,” said Robert A. Cohen, Chief of the Enforcement Division’s Cyber Unit. “Future profits based on the efforts of others is a hallmark of a securities offering that must comply with the federal securities laws.”