Recently, Ted Livingston, the CEO of Kik, a Canadian-based messaging startup, shed light on the on-going case with the United States Securities and Exchanges Commission [SEC], in an interview with Ran NeuNer for CNBC Crypto Trader.
The discussion on the topic began by Livingston speaking about the first time the team was contacted by the United States regulatory authority. He stated that they first heard from the commission 3 days after the completion of their token sale, which was held over 18 months ago. He further stated that the initial interaction was a ‘friendly’ one, with the commission wanting to know more about what they were doing. He went on to state,
“Then, there were subpoenas and then testimony and finally they issued us what’s called the Wells notice, November last year. We issued our Wells response. We took both those things public in January and then finally we recently said what’s enough is enough, let’s go public. Let’s go to court.”
This was followed by the CEO speaking about whether they were expecting to be sued by the SEC. On this, Livingston stated that that they “weren’t sure”, adding that the one matter they were clear about was that the crypto-industry needed more regulatory clarity “one way or the other”.
“we said to the SEC, ‘you’ve let us know that there’s infraction here. We’re going to tell the world that.’ So, one way or the other, you’re going to give us clarity here. Either you chose to go ahead or we’re going to fight this out in court and you back down and that in itself will be guidance.”
Further, Livingston was asked about their decision to go up against the commission. He stated that the commission originally had good intentions. However, he added that they have learned that the commission “continue[s] to divide and conquer the whole industry”, adding that everyone was “in this state of fear of what the SEC [would] think”.
He further stated
“And at this point, this is having a real impact on our ability to compete on a global stage.”
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Whale Alert: Massive $300 million transfer takes place on Binance Chain; funds SAFU, says CZ
Binance, one of the world’s largest cryptocurrency exchanges, has been having a wonderful year in terms of new developments, such as their new Binance DEX and the massive growth of Binance Coin [BNB]. Binance’s native token has grown by approximately 500 percent in 2019 alone.
The exchange also recently announced the launch of BTCB, with an objective to provide a crypto-asset pegged to BTC’s value for trading purposes on Binance DEX, with the assets being backed by Binance itself.
Binance’s ecosystem is progressively active and it was recently observed and reported by Whale Alert, an online cryptocurrency-transaction tracker, that a sum of approximately $302 million, equivalent to around 8 million BNB coins, was transferred on the Binance Chain.
The transaction took place of 26th January 2019, with a time stamp of 07:52:56 UTC. It was sent from an unknown address, bnb1jkvrjawcd8wlugk8455wqjggxecyxj9uf0g7uy, to another unknown wallet, bnb13wmeg7ypkcr39wnzy2q02mku2qemnrm4kclezs, for a transaction fee of 0.000375 BNB. The block height of the transaction was #15820220, and it was deemed a successful one.
Following the massive transfer, Changpeng Zhao, CEO of Binance, responded on Twitter regarding the transfer and claimed that the current movement was a rotation of funds between some cold wallets.
CZ suggested with a linked tweet that the movement of funds should not necessarily raise any alarms as the funds were SAFU.
In another tweet, CZ stated that there were currently 4 addresses that were holding 8 million BNB coins each. A total of $32 million BNB was unlocked for the Binance team. However, it was understood that the tokens were not spent and saved in the addresses themselves.
It is speculated that CZ took the initiative to list the reason for the massive transfer as previously, huge BTC transfers, which included a Coinbase wallet transfer, was accused of market manipulation.
At press time, BNB coin was priced at $37.30, experiencing a hike of 1.87 percent over the past 24 hours.
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