Solana-based decentralized finance platform Mango Markets has settled SEC charges related to the MNGO token. The teams behind Mango Markets — Mango DAO, Mango Labs, and Blockworks Foundation — were charged by the U.S. Securities and Exchange Commission (SEC) with violating securities laws after a lengthy investigation.
The charges have already been settled, and in August, MNGO token holders through Mango DAO approved the settlement. The companies will pay nearly $700,000 in civil penalties and agree to destroy their MNGO tokens, request their removal from trading platforms, and refrain from requesting that MNGO tokens be listed on any trading platform.
Mango DAO and Blockworks Foundation were charged with illegally selling MNGO tokens, while Mango Labs and the Foundation were charged with operating as an unregistered broker.