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SEC settles with Mango Markets over MNGO token sales

  • 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.

The US Securities and Exchange Commission announced on Sept. 27 that it charged Mango DAO and Blockworks Foundation for the offer and sale of unregistered crypto assets.

SEC’s charges relate to the sale of MNGO, the governance token of Mango Markets. The platforms also acted as unregistered brokers for the DeFi platform.

In its complaint filed at the US District Court for the Southern District of New York, SEC alleged the three entities had violated US securities laws and the broker registration provisions.  

According to the SEC, Mango DAO and Blockworks Foundation, an entity registered in Panama, raised over $70 from sales of MNGO tokens. The sales, which started in August 2021, were offered to investors worldwide, including from the US.

The SEC says it has settled with the firms, which have agreed to injunctions and orders and will pay a total of $700,000 in civil penalties.

Destroy MNGO tokens

As part of the settlement, Mango DAO, Mango Labs and the Blockworks Foundation will also destroy the MNGO tokens. The parties will also ask trading platforms to delist MNGO as well as not solicit any crypto exchanges in relation to allowing for the trading of MNGO tokens.

These injunctions and penalties will take effect once approved by the court.

Mango Markets hack

Earlier this year, Mango Markets announced a $250,000 allocation in USDC, with the funds set aside to help navigate the growing regulatory scrutiny it faced. The platform had suffered a major exploit in October 2022, with the attacker draining over $100 million in digital assets from the platform.

The hacker, Avraham Eisenberg, was later arrested and charged over the exploit.

However, that exploit appears to have shone the regulatory spotlight on Mango Markets, leading to the latest SEC charges and settlement. Mango Markets offered to have a settlement deal with the SEC in August.

The post SEC settles with Mango Markets over MNGO token sales appeared first on CoinJournal.

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Bolivia reports 100% rise in virtual asset trading

  • Bolivia saw a 100% increase in trading volumes of virtual assets between July and September.
  • The increased volume comes after Banco Central de Bolivia lifted a long ban on Bitcoin.
  • Bolivia’s central bank lifted the ban in June this year.

Bolivia has reportedly recorded a 100% surge in virtual asset trading, a few months after the country lifted its ban of Bitcoin.

In the announcement made on Sept. 26, BCB said average monthly virtual volumes across digital asset trading had doubled in the period between July and September 2024.

Virtual asset trading volume surge in last three months

According to Bolivia’s central bank, the last three months saw over 105% more in trading volume compared to the 18 months before the ban was lifted.

On average, the country saw $15.6 million in virtual asset trading monthly, and cumulatively about $48.6 million over three months.

Most of the volume was in stablecoins, which are seeing increased adoption across not just South America, but worldwide as crypto adoption rises. Recently, stablecoin issuer Circle enabled USDC transfers in Brazil and Mexico.

Edwin Rojas Ulo, acting BCB president, commented on this via a statement. He noted that the central bank is at the forefront of promoting crypto asset adoption in Bolivia. According to hime, the steps the central bank is taking are aimed at enhancing the country’s economic future.

Bolivia banned Bitcoin and cryptocurrency payments in 2014, but rescinded the decision in June. This shift in stance against crypto means the country joins others in the Latin America region that are increasingly pro-crypto.

Brazil and Argentina are among those to take a more positive approach, with measures such as introducing crypto taxation laws among major steps. Argentina also elected a pro-crypto president, with Javier Milei among proponents of Bitcoin.

The leading nation in the region however is El Salvador. On September 7, 2021, El Salvador became the first country in the world to adopt BTC as legal tender. Collaboration with industry players and other countries is also growing.

The post Bolivia reports 100% rise in virtual asset trading appeared first on CoinJournal.