US Securities and Exchange Commission Accuses Mango Markets of Distributing Non-Compliant Cryptocurrency Token

(Reuters) – On Friday, the U.S. Securities and Exchange Commission (SEC) brought forth allegations against the crypto exchange service Mango Markets for conducting sales of its crypto tokens without proper registration, considering these tokens as securities.

In addition, the SEC has reached an agreement on penalties with Mango Labs and the Blockworks Foundation for their omission to register as broker-dealers as per regulatory requirements.

Previously, a federal court jury in Manhattan found a cryptocurrency trader guilty of commodities fraud. The individual involved was charged with manipulating the trading system of Mango Markets, leading to an illicit acquisition of around $110 million from the exchange.

(Reported by Hannah Lang in New York; edition by Jonathan Oatis)