A judge rules that Kik's (KIN) $100m initial coin offering (ICO) violated securities law and grants the SEC's motion for summary judgment.
- In the Southern District of New York, Judge Alvin Hellerstein ruled that Kik messenger's token sale in 2017 satisfied the prongs of the Howey Test (a Supreme Court framework used for determining a securities sale).
- Kik (KIN) violated U.S. securities law by selling and offering securities without registering them with the SEC nor requesting an exemption.
- Canada-based Kik offered coins under the symbol KIN in 2017, aiming to raise approximately $100m through private and public sales, per a court statement.
- In 2019, the SEC sued Kik for conducting an unregistered security offering
- In the 19-page ruling, Judge Hellerstein notified the associated parties to jointly submit by Oct. 20 a proposed judgment for disgorgement, injunctive, and monetary relief.