|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Mango Markets Agrees to Destroy MNGO Tokens in SEC Settlement
Sep 28, 2024 at 03:04 am
Mango DAO, Mango Labs and Blockworks Foundation agreed to settle charges with the U.S. Securities and Exchange Commission Friday.
Mango Markets has agreed to destroy its MNGO tokens and ask crypto exchanges to stop trading the tokens, as part of a settlement with the U.S. Securities and Exchange Commission (SEC).
The SEC announced the settlement in a press release on Friday, alleging that the MNGO token was an unregistered security and that Mango DAO, Mango Labs LLC and Blockworks Foundation offered unregistered broker services.
The entities will pay $700,000 total as part of the settlement, which is still subject to a court's approval.
Mango DAO members vote on proposals through the MNGO governance token. It's unclear what the project's future will look like without the token.
The SEC's press release noted that Mango DAO and Blockworks Foundation (no relation to the news and events business) sold $70 million worth of MNGO tokens starting in August 2021.
As part of the settlement, Mango DAO, Blockworks Foundation and Mango Labs are neither admitting nor denying the charges.
In a statement, SEC Acting Crypto and Cyber Unit Chief Jorge Tenreiro said any entity that offers "securities-intermediary functions" needs to register or otherwise be exempt from registration with the SEC.
"Since the inception of our crypto enforcement program, our view has been that the label ‘DAO’ does not change the reality of who is behind a project, what activities they engage in, or whether their activities need to be registered. Nor does engaging in intermediation of securities with the aid of automated or open source software change the nature of such activities," he said in the statement.
Last year, Mango Markets – which has struggled to recover since Avraham Eisenberg drained more than $110 million worth of tokens from the exchange in 2022 – tried relaunching the decentralized trading venue. Eisenberg was convicted of fraud and market manipulation tied to his actions around Mango earlier this year, though his sentencing has been pushed to Dec. 12.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- NYT Connections Hints and Answers for Friday, April 22, 2022
- Sep 28, 2024 at 08:15 am
- Looking for Friday's Connections hints and answers instead? You can find them here: Hey there, everyone! Welcome to the weekend.
-
- Bitcoin Shows Signs of Rising, but BlockDAG Steals the Spotlight With 1820% Presale Gains
- Sep 28, 2024 at 08:15 am
- Bitcoin has signaled that prices could go up again, as it moved back above a key trading indicator called the Ichimoku cloud. This usually shows positive signs
-
- BlockDAG (BDAG) – The Next Big Thing in Crypto!
- Sep 28, 2024 at 08:15 am
- Looking to dive into the hottest crypto opportunities of the moment? You’re in the right place! As the market continues to evolve, certain cryptocurrencies are setting themselves apart with explosive growth potential and groundbreaking developments.
-
- ETFSwap (ETFS) Utilities And Infrastructure presents Investors A Safer Investment Haven
- Sep 28, 2024 at 08:15 am
- The strong utilities and infrastructures of ETFSwap (ETFS) has made it a stable altcoin that investors can trust even in a bearish market.
-
- ETFSwap (ETFS) Predicted To Be One Of The Biggest In History Because Of Its Unmatched Utility
- Sep 28, 2024 at 08:15 am
- ETFSwap (ETFS) is nowhere near your regular crypto. Indeed, it is a unique value project set to dominate the market both in this bull run and beyond.
-
- Kim Si-woo sinks match-winning putt to give Internationals Presidents Cup sweep
- Sep 28, 2024 at 08:15 am
- Kim Si-woo sank a match-winning 15-foot par putt to give the Internationals a sweep of Friday's foursomes matches and equal the United States at 5-5 at the Presidents Cup.
-
- Trakx Launches TRKX Token for Its Crypto-Index Platform, Offering Staking Rewards and Trading Discounts
- Sep 28, 2024 at 08:15 am
- Trakx, the leading platform for crypto-index trading, is excited to announce the launch of the TRKX token. It's a great milestone for the ecosystem and will allow traders and investors to be an active part of the project and receive numerous benefits and advantages.
-
- Maker (MKR) Price Prediction: MKR Bulls Aiming to Break the $2,200 Resistance Level
- Sep 28, 2024 at 08:15 am
- MKR's price could rally by 30% to reach the $2,200 level if it closes a daily candle above the $1,685 level. MKR’s Long/Short ratio currently stands at 1.031, indicating bullish sentiment among traders.
-
- Michael Saylor Reacts to Bitcoin's Bullish Upswing with Smashing Animated Bitcoin Statement
- Sep 28, 2024 at 08:15 am
- Data from CoinGecko shows that the price of Bitcoin climbed above $65,000 on Friday for the first time since the beginning of August and now hovers at $65