Decentralized crypto exchange Mango Markets faces new challenges:
- The exchange is under investigation by the Commodity Futures Trading Commission (CFTC) for failing to register as a commodity exchange, illegally providing services to U.S. customers, and failing to sufficiently verify the identities of its users.
- Mango DAO has offered to settle the case by paying a fine of $500,000 without admitting guilt.
- The offer must be approved by MNGO token holders and CFTC commissioners.
- Mango Markets has already paid almost $700,000 in a settlement with the SEC.
- The exchange also incurred significant legal costs after a hack in 2022.