TORONTO — The head of Kik Interactive Inc. says he’s prepared to drive the company into bankruptcy in a fight with the U.S. securities regulator over the future of its Kin cryptocurrency.
The move comes after the Securities and Exchange Commission accused Kik Interactive in June of conducting an “illegal” US$100-million securities offering when it initially sold the Kin cryptocurrency. The company maintains that the currency rollout was not a security offering.
He said the regulator has been dragging its feet along the way, both in giving guidance on cryptocurrencies and in moving forward with the trial, but that the company hopes to go to trial as soon as next May. Tanner Philip, technical advisor to the CEO at Kik and Kin, said by email Wednesday that the company had entered into a letter of intent that will see the Kik team stay intact and transition to a new company setting up in Waterloo. He declined to provide details of the transaction.The remaining team of 19 will focus on getting people to buy the Kin cryptocurrency, which currently can only be earned through apps by doing things like taking surveys or participating in polls.
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