ChainCatcher reported that Mango DAO agreed to settle with the U.S. Securities and Exchange Commission after being accused of illegally selling MNGO tokens. Mango Labs, Mango DAO and Blockworks Foundation agreed to settle the charges and pay a total fine of $700,000. The three companies also agreed to destroy their MNGO tokens. The SEC's charges were directed at Mango DAO and the Panamanian entity Blockworks Foundation, accusing them of "unregistered offering and selling of crypto assets" governance tokens on the Mango Markets platform.
Earlier news, Mango DAO began voting on a governance proposal that requires paying a $223,228 fine, giving up ownership of MNGO tokens, and delisting from exchanges. The settlement only involves the investigation by the U.S. Securities and Exchange Commission.
