đąăMango Markets and CFTC settlement agreement shows signs of hope! ă
Recently, decentralized crypto exchange Mango Markets is considering a $500,000 settlement with the U.S. Commodity Futures Trading Commission (CFTC). According to statements on its Discord server and proposals on its governance page, the exchange faces CFTC charges for allegedly failing to register as a commodity exchange, illegally providing services to U.S. users, and failing to conduct customer identity verification.
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 holder MNGO, and current results show that it is likely to be approved. In addition, the CFTC's commissioners also need to approve the agreement.
It is worth noting that Mango Markets also reached a settlement with the U.S. Securities and Exchange Commission (SEC) and paid a fine of approximately $700,000. According to a post by its legal representative on its Discord server, Mango DAO's legal fees have reached $148,176, with additional costs exceeding $78,000 since then.
đWhile the blockchain industry faces many regulatory challenges, Bitcoin remains strong and continues to attract investors' attention. Let's wait and see how the market will evolve in the future! đ