Solana's Former Top Decentralized Crypto Exchange Faces SEC Securities Violations

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Mango Markets, Solana's once-mighty decentralized crypto exchange that was gutted by convicted fraudster Avraham Eisenberg, is preparing to settle with the U.S. Securities and Exchange commission over allegations that it violated a litany of securities laws.on a"SEC settlement offer proposal" that would see the group pay hundreds of thousands of dollars in fines, destroy its holdings of MNGO tokens and seek its delisting from other trading venues.

It was not immediately clear how Mango Markets' day-to-day functions would survive if the MNGO governance token that investors use to vote on everything from token listings and buybacks to debt repayments – not to mention SEC settlements – becomes obsolete.

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