Solana's Mango Markets Considers $223,228 SEC Settlement Amid Scrutiny

Aug 20, 2024, 10:11 AM

Mango Markets, a decentralized crypto exchange on the Solana blockchain, is considering a settlement with the U.S. Securities and Exchange Commission (SEC) over alleged securities violations. The governing body of Mango Markets, MangoDAO, has proposed to settle the SEC action by potentially paying a $223,228 fine without admitting any wrongdoing. This proposal includes the destruction of all its MNGO tokens and ceasing all activities. The decision comes as Mango Markets faces scrutiny for its $70 million token sale in 2021, which was closed to U.S. investors to avoid regulatory issues. The DAO has voted to approve the settlement, although the SEC has not charged the platform with any wrongdoing. The proposal has raised concerns about its impact on investors and the future operations of Mango Markets.