Three crypto firms miss US SEC payment deadline
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Answer Three crypto firms miss US SEC payment deadline
Three crypto startups, Crypto Airfox, Paragon Coin Inc and Gladius Network LLC, have breached the earlier scheduled payment agreement.
These three companies managed to raise $40 million from investors during the initial coin offering (ICO) in 2017.
But it did not abide by the agreement reached with the US Securities and Exchange Commission (SEC).
Paragon, a blockchain technology company specialized in the marijuana industry, and Airfox, which also works in the blockchain field and specializes in providing mobile banking services in developing countries, paid $250,000 after the settlement. With the SEC in December last year.
Nor did the SEC take any settlement funds from Gladius.
The SEC had previously requested these three companies, in order to be in compliance, to provide their registration data.
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This request is intended to inform investors of the financial performance, trends and potential risks that the SEC will oversee.
However, Paragon failed to respond to a letter from the SEC that inquired about accounting and shareholder rights.
Gladius was supposed to submit its registration statement by May 20 this year, but recently indicated that that deadline has been pushed back to November 18.
In addition, Paragon and Airfox were supposed to pay their dues by October 16, but Airfox said the deadline has been pushed back to December 28.
Registration data revealed that Paragon owes $14.9 million to investors, but only has $95,600 in financial assets.
The company indicated that it plans to raise funds through the sale of a building in Los Angeles.
On the other hand, Airfox files show that it has assets of $6.1 million and owes investors $15.4 million.
According to Mr. Michael S. Dicky,” a former SEC settlement attorney who told:
It may seem impractical because such treatment is applicable only when companies are in a position to refund the money.
This year alone, the SEC has raised more than $4.3 billion in penalties, received 31 court orders freezing assets and suspended 271 users from safe trading, according to a report. Source.
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