According to Foresight News, the U.S. SEC has filed charges against the entity behind the cryptocurrency trading platform Mango Markets, alleging that it offered and sold the platform's MNGO governance tokens without registration. According to the SEC's complaint, starting in August 2021, Mango DAO, a purported decentralized autonomous organization (DAO), and the Panamanian entity Blockworks Foundation raised more than $70 million from hundreds of investors around the world, including the United States, through unregistered contracts and the sale of MNGO tokens (the so-called governance tokens of the Mango Markets platform). The SEC also alleges that since at least August 2021, Blockworks Foundation and Mango Labs have each operated as unregistered brokers, actively soliciting and recruiting Mango Markets users to trade securities; providing advice and valuations on the merits of securities investments; and helping to facilitate securities trading on the Mango Markets platform by assisting customers in opening accounts and regularly handling customer funds and securities.

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