Mango DAO reaches a settlement with the U.S. SEC over "selling unregistered securities," will burn MNGO tokens and pay a $700,000 fine

2024-09-28 08:27:32

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ChainCatcher news, according to The block, Mango DAO has agreed to settle with the U.S. Securities and Exchange Commission after being accused of illegally selling MNGO tokens. Mango Labs, Mango DAO, and Blockworks Foundation have agreed to settle the charges and pay a total fine of $700,000. The three companies also agreed to destroy their MNGO tokens. The SEC's charges are against Mango DAO and the Panamanian entity Blockworks Foundation, accusing them of "offering and selling crypto asset" governance tokens on the Mango Markets platform "without registration."

Previous news, Mango DAO began voting on a governance proposal that calls for a $223,228 fine, the relinquishment of MNGO token ownership, and a request for delisting from exchanges. The settlement only involves the investigation by the U.S. Securities and Exchange Commission.

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Mango DAO unregistered securities SEC

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