The entities operating the troubled decentralized finance project Mango Markets settled US Securities and Exchange Commission charges of selling unregistered securities and acting as an broker.

Mango Markets has settled with the SEC for unregistered sales, agreeing to pay $700,000 in fines and destroy all MNGO tokens.

The U.S. Securities and Exchange Commission on Friday charged cryptocurrency trading platform Mango Markets with unregistered sales of its digital asset token, which the regulator identified as a security.

Mango DAO, Mango Labs and Blockworks Foundation agreed to settle charges with the U.S. Securities and Exchange Commission Friday.

The Securities and Exchange Commission (SEC) has announced settled charges against Mango DAO and Blockworks Foundation (which is not related to the NY-based media and research company) for the unregistered sale of MNGO tokens,

On Friday, the SEC announced the resolution of charges against three entities—Mango DAO, Blockworks Foundation, and Mango Labs LLC.

SEC announced it settled with Mango Markets over sale of unregistered tokens in $70 million coin offering Mango DAO, Blockworks Foundation have agreed to pay $700,000 in civil penalties. The settlement will also see Mango Markets destroy the MNGO tokens and request exchanges to delist them.