The SEC announced on Friday that they have reached a settlement with Mango DAO, Mango Labs LLC, and Blockworks Foundation.
The charges involved the unregistered sale of the MNGO token as well as offering unregistered broker services.
The entities have agreed to destroy their MNGO tokens, cease trading, and pay a total of $700,000 as part of the settlement, which is pending court approval.
This settlement comes after Mango DAO voted on and accepted a similar offer from the Commodity Futures Trading Commission.
The DAO makes decisions through the MNGO governance token, and it is unclear what will happen to the project without it.
The SEC’s press release stated that the entities sold $70 million worth of MNGO tokens since August 2021. The settlement does not involve an admission or denial of the charges.
