Cryptocurrency News Today: Kik Messenger is shutting down to focus on its Kin cryptocurrency
In a blog post on Medium, Kik Interactive founder, Ted Livingston, announced on September 23 that Kik would be shutting down. The news comes in reaction to the SEC trying to label the company’s Cryptocurrency Kin as a security — something Livingston says would kill the usability of Kin.
The only option left was to either allow Kin to be labeled as a security or fight the SEC in court. Livingston has chosen the latter, and in turn, will shut down Kik and double down on Kin as it goes to court with the SEC.
While we are ready to take on the SEC in court, we underestimated the tactics