Investment Manager's Insight: SEC Charges Mango Markets for Unregistered Token Sales
In a recent development, the U.S. Securities and Exchange Commission (SEC) has charged cryptocurrency trading platform Mango Markets with unregistered sales of its digital asset token, which has been classified as a security by the regulator. Additionally, charges have been settled against Mango Labs and Blockworks Foundation for failing to register as brokers, according to the agency.
Earlier this year, a crypto trader was convicted of commodities fraud in federal court in Manhattan for manipulating the Mango Markets exchange and embezzling around $110 million from the platform.
This news highlights the importance of regulatory compliance in the cryptocurrency market and serves as a cautionary tale for investors. It is crucial to conduct thorough due diligence before investing in any digital assets and to ensure that platforms are operating within the bounds of the law.
As an investor, staying informed about regulatory actions and market developments can help you make more informed decisions and protect your investments. Remember, knowledge is power in the world of finance.
