Cryptocurrency trading platform Mango Markets has settled charges of selling unregistered securities and acting as a broker, brought by the US Securities and Exchange Commission (SEC). 

On Friday, the US SEC charged Mango Markets with unregistered sales of its digital asset token, which the regulator identified as a security. 

The SEC also charged Mango Labs and Blockworks Foundation for failing to register as brokers.

The troubled crypto finance project did not admit or deny the allegations, but agreed to pay almost $700,000 in penalties. 

It also agreed to destroy its MNGO governance tokens, to request trading platforms to remove the tokens, and "to refrain from soliciting any trading platform to allow trading in or offering or selling MNGO," the SEC confirmed in a statement. 

Earlier this year, a crypto trader was convicted in Manhattan of commodities fraud for rigging the Mango Markets exchange and stealing an estimated $110 million from the platform.

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