The SEC and FINRA issued a joint statement addressing digital securities on Monday
Settlement includes US$48.8 million in disgorgement and a US$40 million civil penalty
Regulators take aim at manipulative behaviour
The reforms also feature new relationship disclosure requirements for both registered investment advisors and broker-dealers
Regulator says Kik Interactive's coins should have been registered as securities
Investors' funds were diverted for operator's own use and to repay other investors, regulator says
Whistleblowers repeatedly reported alleged violations internally before providing a tip to the SEC
Agreement expands cross-border enforcement powers
The award is the first under a program designed to incentivize internal reporting
Recent legislation gives financial firms and employees immunity for reporting incidents