As ICO regulatory landscape gradually takes shape, Kik
Interactive excludes Canadians from Kin token sale
On September 7, 2017, Kik Interactive Inc. (Kik), a
Waterloo-based digital messaging company, announced that it would
not permit Canadian investors to purchase its "Kin"
crypto-tokens in its currently ongoing public sales process. Kik
had previously announced plans to sell up to U.S.$125 million of
Kin tokens, including to Canadians. Kin tokens are envisioned as a
general purpose cryptocurrency for use in services such as chat,
social media, and payments, all within the Kin ecosystem.
The announcement was made in a blog post by Kik Chief Executive
Officer Ted Livingston, who cited "weak guidance" from
the Ontario Securities Commission (OSC) regarding whether Kin
tokens are securities as the reason for banning Canadians.
The OSC later clarified to the National Post that they had
reviewed the Kin token and concluded that it is a security, but
that they were
