The SEC has filed charges against the entity operating the encryption trading platform Mango Markets.

BlockBeats news, on September 28th, according to market sources, the U.S. SEC has filed charges against the entity operating the cryptocurrency trading platform Mango Markets, accusing it of offering and selling the platform's 'MNGO' governance token without registration. According to the SEC's complaint, starting in August 2021, Mango DAO, which is claimed to be a Decentralized Autonomous Organization (DAO), and the Panamanian entity Blockworks Foundation raised more than $70 million from hundreds of investors worldwide, including in the United States, through unregistered offers and sales of the MNGO Token (the governance token of the so-called Mango Markets platform). The SEC also alleges that, at least since August 2021, Blockworks Foundation and Mango Labs have operated as unregistered brokers, actively soliciting and recruiting Mango Markets users to trade securities; provided advice and valuation on the benefits of securities investment; and helped facilitate securities trading on the Mango Markets platform by assisting clients in opening accounts and regularly handling client funds and securities.