Solana-based decentralized crypto exchange Mango Markets has suspended operations.
On January 11, Mango Markets announced via its X account that it was shutting down and advised users to close their positions.
This follows the unanimous approval of governance proposals to adjust interest rates and collateral requirements, effectively halting lending and borrowing on the platform.
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These changes are scheduled to take effect on January 13.
The shutdown follows an agreement with the SEC. On September 27, 2024, the regulator filed charges against Mango DAO and the Blockworks Foundation, alleging the sale of unregistered securities.
The SEC alleges that Mango raised more than $70 million in August 2021 through the sale of MNGO governance tokens, a violation of the Securities Act of 1933. In addition, the SEC charged Mango Labs with operating as an unregistered broker violating the Securities Exchange Act of 1934.