Mango Markets Entities to Pay $700K in SEC Settlement Over Unregistered $70M MNGO Token Sales, Broker Activity

Sep 27, 2024, 06:52 PM

On September 27, 2024, the US Securities and Exchange Commission (SEC) announced charges against entities operating the crypto asset trading platform Mango Markets—including Mango DAO, Blockworks Foundation, and Mango Labs—for unregistered offers and sales of the platform's "MNGO" governance tokens and unregistered broker activity. The SEC alleged that Mango Markets raised $70 million through these unregistered token sales and brokerage activities without proper registration. The entities have agreed to settle the charges by paying $700,000 in penalties.