Altcoin News: HitBTC Quietly Delisted the Disgraced Kin Token

June 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Cryptocurrency exchange HitBTC, without any announcements or explanations, suspended the Kin token from trading.

Kin trading on HitBTC was discontinued about 45 hours before this publication, that is, shortly after it became known that the Kik was filed by the US Securities and Exchange Commission (SEC).

Kik is accused of the unregistered placement of securities through ICO in 2017, during which, through the sale of Kin, it managed to raise almost $100 million. The company, for its part, accuses the SEC of misinterpreting securities laws. Against the background of these events, the American crypto companies Coinbase and Circle have already refused to participate in the Defend Crypto initiative, which was aimed at raising funds to protect Kik from the SEC.

As the reporter of The Block, Larry Cermak noted HitBTC was the only centralized exchange cryptocurrency, which put real liquidity markets to the Kin. Now Kin is trading either on exchanges with, presumably, fake data on the occupancy of order books, or on decentralized exchanges such as Bancor and EtherDelta.

“Of course, there is now an incredibly high legal risk for continuing to list Kin. But most of these exchanges don’t care because they are already faking 99%+ of volume anyway so what’s a little more risk?”

— Chermak wonders, while users express surprise because HitBTC was suddenly perplexed by legal risks.

Author: Marko Vidrih