MICA Daily｜Reaching a settlement with SEC, Decentralizationexchange Mango Market will cease operation

Previously, Mango DAO and Blockworks Foundation were accused by the SEC of raising over $70 million through the unregistered issuance of MNGO Tokens in August 2021, violating the securities laws regarding the sale of unregistered securities. The latest development is that Mango has agreed to pay a $700,000 fine, destroy the Tokens, and requested the exchange to delist the MNGO Token to reach a settlement. At the same time, it also announced the cessation of operations of Mango Markets, a Decentralization exchange on the Solana blockchain.

In response to regulatory requirements, Mango Market requires users to close all investment positions by January 13th, and the governance proposal to suspend the platform’s lending function is expected to take effect on the same day. Mango Markets was founded in August 2021 and aims to provide fast and low-cost trading and lending services.

As of now, the total locked value of Mango Markets is only 9 million US dollars, a decrease of 95.7% from the historical high of 210 million US dollars in November 2021. It was originally expected that the Trump administration would further loosen the business scope of DeFi companies. Currently, before Trump takes office on January 20th, the SEC’s original enforcement team is accelerating the conclusion of cases, and market investors expect that the new team’s inauguration will be bullish for the overall cryptocurrency industry.

Disclaimer: The article represents only the author’s personal viewpoint and does not represent the perspective and position of Block Clients. All content and viewpoints are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and Block Clients will not be responsible for any direct or indirect losses incurred by investors in their trades.

MICA Daily | Reached a settlement with the SEC, Decentralizationexchange Mango Market will end its operation. This article was first published in ‘Block Times’.