Mango Markets to reach $500,000 settlement with CFTC, pending community and CFTC approval

Decentralized crypto exchange Mango Markets is considering a $500,000 settlement with the U.S. CFTC. According to a statement on its Discord server and a proposal on its governance page, the exchange faces CFTC charges for allegedly failing to register as a commodity exchange, illegally serving U.S. users, and failing to verify customer identities. Mango Markets' legal representatives proposed to avoid litigation by paying a fine, but did not admit or deny any wrongdoing. The proposal needs to be voted on by Mango Markets' governance token holders MNGO, and current results show that it is likely to be approved. In addition, CFTC commissioners also need to approve the agreement. Previously, Mango Markets also reached a settlement with the U.S. SEC and paid a fine of approximately $700,000. According to a post by its legal representatives on its Discord server, Mango DAO's legal expenses have reached $148,176, and additional expenses have exceeded $78,000 since then. (CoinDesk)