Mango Market under ”ongoing investigation” with US CFTC, considering $500,000 settlement

Solana-based decentralized exchange Mango Markets is reportedly moving forward with a settlement with the U.S. Commodity Futures Trading Commission (CFTC).
On the 23rd (local time), it was reported that Mango Markets is considering paying a civil penalty of $500,000 to resolve the allegations raised by the CFTC.
In a proposal to Mango DAO by legal representatives for Mango Market, the lawyers cited the ongoing undisclosed persons investigation at the CFTC.
Mango Market has offered to pay $500,000 upfront to resolve the issue, according to the proposal and additional statements posted on the company's Discord server.
Mango Markets was indicted by the CFTC on suspicion of failing to register as a commodity exchange, illegally providing services to customers in the United States, and failing to implement sufficient know-your-customer (KYC) measures.
"Due to the confidentiality of the agreement and the ongoing nature of the CFTC investigation, we are unable to disclose all the details of the case," Mango Dao's representative said.
Nevertheless, Mango Dao members were assured that the agreement would allow the CFTC to avoid bringing charges against Dao in connection with these allegations.
The proposal made clear that if CFTC commissioners approve the agreement, Mango Dao will not admit or deny any wrongdoing.
The proposal received 123,475,000 votes in favor and 0 votes against, and received full support from Mango Dao members.
This is the second time in a month that Mango Dao has offered to pay a six-figure sum to thwart regulatory action.