The entities operating the troubled decentralized finance project Mango Markets settled US Securities and Exchange Commission charges of selling unregistered securities and acting as a broker. Mango DAO, Blockworks Foundation, and Mango Labs agreed to pay nearly $700,000 in civil penalties and destroy their MNGO governance tokens.

MNGO

The entities operating the troubled decentralized finance project Mango Markets settled US Securities and Exchange Commission charges of selling unregistered securities and acting as an broker.Mango DAO, Blockworks Foundation and Mango Labs didn’t admit or deny the allegations, but agreed to pay nearly $700,000 in civil penalties. They also agreed to destroy their MNGO governance tokens, to request trading platforms to remove the tokens and “to refrain from soliciting any trading platform to allow trading in or offering or selling MNGO,” according to an SEC statement Friday. The settlements are subject to court approval.

Mango Markets Settles SEC Charges of Selling Unregistered Securities