**Mango Markets Faces $500K Fine to Settle CFTC Allegations**
Mango Markets, a Solana-based decentralized exchange, is on the brink of paying $500,000 to settle allegations from the Commodity Futures Trading Commission (CFTC). The CFTC claims Mango Markets failed to register as a commodities exchange, offered illegal services to U.S. customers, and lacked sufficient KYC measures.
A proposal from Mango Marketsâ legal team suggests the payment to avoid litigation. The DAO members have shown strong support, with 123,475,000 votes in favor and none against.
This follows a recent $670,000 settlement with the SEC over unregistered securities. The exchange has faced scrutiny since a $110 million exploit in October 2022.