Mango Markets, a platform represented by Mango DAO, Blockworks Foundation, and Mango Labs LLC, has reached a settlement with the SEC related to unregistered token sales. This decision comes as the SEC charged these entities with conducting illegal broker activities, specifically involving the unregistered sale of MNGO tokens that generated $70 million.
As part of the settlement, Mango Markets must pay a fine of $700,000 and is required to destroy all existing MNGO tokens. Notably, the involved parties neither admit nor deny the SEC's allegations.
This settlement is part of ongoing discussions as Mango Markets seeks to finalize a similar agreement with the CFTC, highlighting the increased regulatory scrutiny facing cryptocurrency platforms.
