Messaging app Kik is suspended after SEC files a lawsuit against it
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Answer Messaging app Kik is suspended after SEC files a lawsuit against it
After several appearances Reports that the crypto-related subsidiary of Kik’s parent company, Kik, has laid off its estimated 70 employees.
Kik Interactive CEO Ted Livingston announced Monday that Kik messaging app will be shutting down permanently.
and in statement On the company’s blog, Mr. Ted Livingston stated the following:
“The ongoing dispute with the US Securities and Exchange Commission (SEC) has forced Kik to close its doors.
After 18 months of working with the SEC, the only option they gave us was to increase security for the application or face them in court.
So, with the SEC working to characterize nearly all cryptocurrencies as securities, we made the decision to go ahead and fight.”
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In addition to shutting down the app, Livingston said the company will reduce its crypto operations to just 19 core developers with a focus on encouraging adoption of the company’s KIN, and its use in apps other than the Kin app.
According to the same blog written by Ted Livingston, the “Kin” app has more than 2 Million monthly active users And 600 thousand of those who spend their money on a monthly basis.
The loss of these large numbers would affect the company’s progress, but the continuous growth The Kin Ecosystem has made up for it, according to TED.
It is worth noting that Kik entered into a dispute with the SEC after the launch of its initial currency ICO in 2017, and despite that, the company managed to raise $100 million, with the SEC insisting that the offer was made without registering with the authority.
The effect of the closure on the functioning of the KIN code was clear, as the unit price decreased from 0.000036 dollars to 0.0000105 dollars, according to to source.
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