Mango Markets mulls $500K CFTC settlement amid ‘ongoing’ investigation
Solana-based decentralized exchange Mango Markets is considering offering the CFTC a $500,000 civil penalty to resolve the regulator’s allegations against the platform.
Solana-based decentralized exchange Mango Markets could soon be shelling out another $500,000 in fines — this time to settle allegations brought by the Commodity Futures Trading Commission.
In a Sept. 22 proposal from Mango Markets’ legal representatives to the Mango DAO, the lawyers noted an “ongoing and nonpublic” investigation from the CFTC. They suggested fronting up half a million dollars to end it.
According to the proposal and additional statements in the Mango Markets’ Discord server, the decentralized exchange faces charges from the CFTC for allegedly failing to register as a commodities exchange, illegally offering services to customers in the US, and failing to implement sufficient KYC measures.
Solana-based decentralized exchange Mango Markets is considering offering the CFTC a $500,000 civil penalty to resolve the regulator’s allegations against the platform.
Solana-based decentralized exchange Mango Markets could soon be shelling out another $500,000 in fines — this time to settle allegations brought by the Commodity Futures Trading Commission.In a Sept. 22 proposal from Mango Markets’ legal representatives to the Mango DAO, the lawyers noted an “ongoing and nonpublic” investigation from the CFTC. They suggested fronting up half a million dollars to end it. According to the proposal and additional statements in the Mango Markets’ Discord server, the decentralized exchange faces charges from the CFTC for allegedly failing to register as a commodities exchange, illegally offering services to customers in the US, and failing to implement sufficient KYC measures. Read more