A crypto startup backed by the American rapper Jayceon Terrell Taylor, better known as “The Game,” had its registration revoked by the United States Securities and Exchange Commission (SEC) for violating securities laws after failing to file periodic reports.
ParagonCoin Limited, a crypto firm focusing on the marijuana industry, had its license revoked by the SEC after confirming its allegations against the company and finding that the firm is in default. The SEC started the proceedings against the firm in February 2022 and pointed out that its last filing was from March 2019, which states that it lost over $10 million in 2018.
Excerpt from the document revoking ParagonCoin’s registration. Source: Law360
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According to the SEC, the crypto company ignored a delinquency letter sent by an SEC
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