Regulatory Series on Cryptocurrencies: After Kik charges, LongFin also falls under meticulous scrutiny of SEC

The US Securities and Exchange Commission (SEC) and its staff “have spent a significant amount of time” focusing on the blockchain and crypto-assets with a slightly reluctant mode and that is a trend lingering currently.

On Tuesday, SEC sued Kik Interactive Inc. in New York federal court alleging it conducted an unauthorized ICO activity when it offered $100 million worth of its cryptocurrency Kin in 2017, $55 million of that was bought by the U.S. investors. Kik isn’t the only crypto player confronting regulatory obstacles. 

On the back of above news, another global fintech company, ‘LongFin’,  have come into the list of SEC’s legal tussle, the company who reportedly hailed controversial matter for a cranky blockchain project, should now face allegations of fraud from the Securities and Exchange Commission.

The SEC has filed a fraud action against Longfin Corp. and its CEO for misrepresenting the company's revenue and, together with a former Longfin consultant, for fraudulently securing the company's listing on Nasdaq. 

LongFin listed and became popular in NASDAQ during the season of crypto flourishing(i.e. at the end of 2017). Noticeably, the company’s share price surged about mammoth 2,600% especially after some acquisition deal of a blockchain solutions provider in the microfinance space (ziddu.com).

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 128 levels (which is highly bullish), while hourly USD spot index was at -6 (neutral) while articulating at (10:42 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex