{"id":94490,"date":"2024-09-24T01:18:46","date_gmt":"2024-09-24T05:18:46","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=94490"},"modified":"2024-09-24T01:18:52","modified_gmt":"2024-09-24T05:18:52","slug":"mango-markets-considers-500k-cftc-settlement","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/mango-markets-considers-500k-cftc-settlement\/","title":{"rendered":"Mango Markets Considers $500K CFTC Settlement"},"content":{"rendered":"\n

Mango Markets looks into the possibility of offering the CFTC<\/a> a $500,000 civil penalty to address the regulator's allegations against the platform.<\/p>\n\n\n\n

\"Mango
Mango Markets Considers $500K CFTC Settlement<\/em><\/figcaption><\/figure>\n\n\n\n

Mango Markets\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a decentralized exchange headquartered in Solana, may be required to pay an additional $500,000 in penalties to resolve allegations made by the Commodity Futures Trading Commission.<\/p>\n\n\n\n

Mango Markets Considers $500K CFTC Settlement Amid Ongoing Investigation<\/h3>\n\n\n\n

In a proposition submitted to the Mango DAO on September 22, the legal representatives of Mango Markets identified an “ongoing and nonpublic” investigation conducted by the CFTC. They proposed that the matter be resolved by providing half a million dollars.<\/p>\n\n\n\n

The decentralized exchange is allegedly facing charges from the CFTC for failing to register as a commodities exchange, illegally offering services to customers in the US, and failing to implement sufficient KYC measures, as indicated by the proposal and additional statements in the Mango Markets' Discord server.<\/p>\n\n\n\n

The DAO representative acknowledged that they could not publicly disclose the complete details of the matter due to the ongoing nature of the CFTC's investigation and the confidentiality of the settlement.<\/p>\n\n\n\n

Nevertheless, the representative reassured Mango DAO<\/a> members that a settlement would “prevent the CFTC from bringing any litigation against the DAO concerning these allegations.”<\/p>\n\n\n\n

The proposal specifies that Mango DAO would not acknowledge or deny any misconduct if CFTC commissioners approve the settlement.<\/p>\n\n\n\n

The proposal is currently on a direct path to ratification, as it has only received support from DAO members, with 123,475,000 votes in favor of the settlement and 0 votes against it at the time of publication.<\/p>\n\n\n\n

\"The
The proposal has received outright support from members of Mango DAO. Source: Mango DAO<\/em><\/figcaption><\/figure>\n\n\n\n

Mango DAO has proposed paying a six-figure sum for the second time in just over a month to prevent prospective regulatory action.<\/p>\n\n\n\n

The DAO voted on August 19 to pay a settlement to the SEC in response to allegations that it violated US securities laws. A week later, on August 26, the DAO transmitted USD 670,000 Coin (USDC) to the regulator to conclude an ongoing investigation that alleged it sold its native MNGO token as an unregistered security in 2021.<\/p>\n\n\n\n

The Solana-based DEX<\/a> has been experiencing significant challenges since October 2022, when trader Avraham Eisenberg exploited the protocol for personal benefit, resulting in a $110 million loss. In April, Eisenberg was subjected to a criminal prosecution for market manipulation and fraud.<\/p>\n\n\n\n

In the wake of the exploit, Eisenberg was the subject of investigations by the SEC, the DOJ, and the CFTC, intensifying their scrutiny of Mango Markets. The Securities and Exchange Commission (SEC)<\/a> asserted that Mango DAO, Mango Labs, and Blockworks Foundation had violated numerous securities regulations.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Mango Markets looks into the possibility of offering the CFTC a $500,000 civil penalty to address the regulator’s allegations against the platform. Mango Markets , a decentralized exchange headquartered in Solana, may be required to pay an additional $500,000 in penalties to resolve allegations made by the Commodity Futures Trading Commission. Mango Markets Considers $500K […]<\/p>\n","protected":false},"author":59,"featured_media":37594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1972,10732,143],"class_list":["post-94490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cftc","tag-mango-markets","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/image-71.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=94490"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/37594"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=94490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=94490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=94490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}