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Home » US SEC Reaches Settlement With Mango Markets Over Unregistered Crypto Sales

US SEC Reaches Settlement With Mango Markets Over Unregistered Crypto Sales

James by James
September 27, 2024
in General News
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US SEC Reaches Settlement With Mango Markets
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The U.S. Securities and Exchange Commission (SEC) has settled with Mango Markets, Mango DAO, and Blockworks Foundation regarding unregistered sales of MNGO tokens. The SEC charged these entities with violations of U.S. securities laws, citing their failure to provide investors with necessary protections. This is a significant development for Mango Markets.

SEC’s Action Against Unregistered MNGO Token Sales

The SEC’s enforcement action targets the sale of MNGO tokens, which were promoted as governance tokens for the Mango Markets platform. The settlement involves Mango DAO, a decentralized autonomous organization, and Blockworks Foundation, a Panama-based entity. According to the SEC, these groups raised over $70 million from the unregistered sale of MNGO tokens, which took place from August 2021 onwards.

These entities sold MNGO tokens globally, including to U.S. investors. The SEC claims they violated key provisions of the Securities Act of 1933 by bypassing federal registration requirements. The act requires projects offering crypto assets considered securities to register, ensuring investors receive essential legal disclosures and protections. This was a notable issue with Mango Markets’ strategy.

What Are MNGO Tokens?

Mango Markets marketed MNGO tokens as governance tokens, giving holders the power to make decisions within the ecosystem. However, the SEC maintains that their sale qualifies as a securities offering under U.S. law, requiring registration to protect investors. The lack of registration and disclosure meant that investors did not receive the legal safeguards typically provided by the SEC. Mango Markets’ classification of MNGO tokens has been brought into question.

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The Implications of the Settlement

This settlement highlights the SEC’s increasing focus on enforcing compliance in the cryptocurrency space. As crypto projects expand globally, regulatory agencies are cracking down on unregistered token sales and ensuring investors receive the necessary legal protections. The outcome of this case serves as a warning to other decentralized finance platforms like Mango Markets that operate outside established U.S. laws.

MORE UPDATES SOON…

Tags: mango marketsSEC
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James

James

James is a 33-year-old cryptocurrency enthusiast who has been involved in the industry since 2017. He has always been a keen follower of the crypto space and has experience in trading and mining cryptocurrencies. Since then, James has also written numerous articles on the subject and is passionate about sharing his knowledge and insights with others.

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