Home | Business | Kik spurns Canada for initial coin offering because of OSC’s ‘weak guidance’

Kik spurns Canada for initial coin offering because of OSC’s ‘weak guidance’

Kik Interactive Inc., a Canadian messaging app preparing to hold one of the highest-profile initial coin offerings yet, said it won’t allow investors from its home country to participate in the offering.

Chief executive officer Ted Livingston blamed “weak guidance” from the Ontario Securities Commission for the decision.

“They have failed to give us clear direction on when Canadian securities law will or, more importantly, will not apply,” Livingston said in a blog post. “To avoid risks arising from this uncertainty, we, a Canadian company, have decided to move forward without Canada.”

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