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Decentralized Exchange Chaos Ensues as Mango Markets Pleads With Regulators: ‘Please Don’t Fine Us $500K!

A  illustration depicting a frantic-looking mango with dollar signs in its eyes, surrounded by swirling financial charts and warning lights as it desperately holds up a 'Stop' sign to an oncoming train labeled '$500K Fine'. In the background, regulators are shown standing at attention, arms crossed.

This is what happens when you create a system where anyone can spin up their own ‘decentralized’ exchange with no oversight or regulation: utter chaos and endless begging for mercy from regulatory agencies. I mean, who needs Know Your Customer measures anyway? It’s not like people will just use your platform to launder money or something… oh wait.

Source: cointelegraph

Solana-based decentralized exchange Mango Markets could soon be fined another $500,000 to settle allegations brought by the United States Commodity Futures Trading Commission (CFTC). In a Sept. 22 proposal from Mango Markets’ legal representatives to the Mango DAO, the lawyers noted an “ongoing and nonpublic” investigation from the CFTC. They suggested fronting up half a million dollars to end it. According to the proposal and additional statements in the Mango […]

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