Regulation News: Mango Markets Agrees to Settle SEC Charges
Settlement Details
Mango Markets, represented by three constituent entities, has reached an agreement with the SEC concerning unregistered token sales charges. This includes a fine of $700,000 and the destruction of all MNGO tokens.
The SEC's Settled Charges
This news stems from an SEC press release outlining the settlement's terms. The charges were primarily directed at Mango DAO, Blockworks Foundation, and Mango Labs LLC. The SEC highlighted that the unregistered sale of MNGO tokens contributed to $70 million in illicit fundraising activities.
Importantly, the SEC notes that these three entities control Mango Markets and have opted to neither admit nor deny the allegations against them. Blockworks Foundation, identified as a Panamanian entity, has gained substantial attention, yet the focus remains on Mango's operational structure.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.