- Mango DAO, Blockworks Foundation, and Mango Labs consented to resolve the allegations and pay $700,000 in fines.
- The organization added that it has resolved accusations against the cryptocurrency platform Mango Labs LLC and the Blockworks Foundation for operating as brokers without a license.
Mango DAO, which had been accused of trading MNGO tokens illegally, consented to a settlement with the US Securities and Exchange Commission.
Mango DAO and Blockworks Foundation, a Panamanian organization, were charged by the SEC for “engaging in the unregistered offer and sale of crypto assets” pertaining to governance tokens on the Mango Markets platform. Additionally, the organization said that it has resolved allegations against Mango Labs LLC and Blockworks Foundation for operating as brokers without a license.
Since the beginning of our crypto enforcement program, we have maintained that the term “DAO” does not alter the truth about the people behind a project, the kinds of activities they carry out, or whether or not such activities require registration.
Jorge G. Tenreiro, interim head of the Crypto Assets and Cyber Unit, stated in a statement on Friday that “intermediating securities with the use of automated or open source software does not alter the nature of such activities.”
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
