Mango Markets Settles with SEC

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After being charged with unlawfully selling MNGO tokens, Mango DAO has agreed to settle with the US Securities and Exchange Commission.

The SEC brought charges against Mango DAO and Blockworks Foundation, a Panama entity, for selling governance tokens on the Mango Markets platform without proper registration.

Blockworks Foundation and Mango Labs LLC have also settled charges for acting as brokers without being registered. All three entities have agreed to pay a total of $700,000 in penalties and destroy their MNGO tokens.

According to Jorge G. Tenreiro, acting chief of the Crypto Assets and Cyber Unit, the label “DAO” does not exempt projects from following securities laws, regardless of their use of automated or open source software.