The SEC accuses Mango DAO and Blockworks Foundation of illegally selling MNGO Tokens, and both will pay a fine of $700,000 and cease MNGO-related activities.

BlockBeats news, on September 28, according to official sources, the United States Securities and Exchange Commission (SEC) today brought a settlement charge against Mango DAO and Blockworks Foundation, accusing them of participating in the unregistered sale and issuance of ‘MNGO’ Tokenencryption assets. SEC also brought a settlement charge against Blockworks Foundation and Mango Labs LLC, accusing them of engaging in unregistered broker activities, involving the sale and issuance of various encryption assets in the form of securities on the Mango Markets platform. According to the SEC’s complaint, starting from August 2021, the Decentralized Autonomous Organization (DAO) known as Mango DAO and the Panamanian entity Blockworks Foundation allegedly raised over 70 million U.S. dollars from hundreds of investors globally, including in the United States, through unregistered offers and sales of MNGO Tokens (the so-called governance Token of the Mango Markets platform). The two entities ultimately agreed to settle with the SEC, accept its injunction and order, jointly pay nearly 700,000 U.S. dollars in civil fines, and destroy their MNGO Tokens, remove MNGO Tokens from the trading platform, and cease soliciting any trading platform to allow the trading, offering, or sale of MNGO.