The SEC announced that Mango DAO and associated entities will destroy their MNGO tokens and pay $700,000 as part of a settlement for selling unregistered securities.
According to SEC Acting Crypto and Cyber Unit Chief Jorge Tenreiro, the label 'DAO' does not exempt entities from needing to register with the SEC when engaging in securities-intermediary functions.
The entities sold $70 million in MNGO tokens beginning August 2021, with the recent settlement reflecting ongoing scrutiny of the crypto market by regulators.
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