Caution Urged: Another Regulatory Warnings Against Crypto Exchange MEXC!

Crypto exchange MEXC appealed against license revocation in Estonia
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Recent months have witnessed a concerted effort by U.S. authorities, including the Department of Justice, the FinCEN, and regulatory bodies such as the SEC and the CFTC, to clamp down on crypto exchanges flouting financial laws and regulatory norms. However, the landscape in Europe presents a contrasting scenario where exchanges like MEXC continue their operations amidst allegations of illegal activities and regulatory infractions. Recently, the Hong Kong SFC and the UK FCA warned against MEXC.

Latest MEXC Updates

Chinese crypto exchange MEXC on Similarweb

MEXC, which routes its operations through Lithuania, has emerged as one of the world’s leading crypto exchanges, boasting over 17 million website visitors monthly—surpassing even that of established U.S. exchanges like Kraken.

Notably, the exchange has drawn regulatory attention and warnings, including a recent admonition from Hong Kong’s Securities and Futures Commission (SFC) and a warning from the UK FCA. Analysis from Similarweb highlights Russia as the primary source of MEXC’s web traffic, with Turkey, the UK, and the U.S. also contributing significantly to its user base.

Another regulatory warning against the crypto exchange MEXC

Further complicating its operational landscape, MEXC Estonia OÜ faced the revocation of its crypto license in Estonia, a decision currently under appeal in the Estonian courts. This regulatory setback underscores the broader issues of compliance and legality confronting the exchange.

Our examination failed to pinpoint the legal entity with which users enter into agreements. MEXC‘s terms of service ambiguously state that the User Agreement is “concluded between you (‘You’ or ‘User’) and MEXC Trading Platform,” without providing clear jurisdictional details. This lack of transparency raises significant concerns regarding the legal protections afforded to users and the regulatory obligations of the platform.

Given these circumstances and the recent red flag issued by the SFC in Hong Kong, FinTelegram strongly advises against utilizing the MEXC platform. The array of uncertainties and risks associated with its operation suggests that it may only be a matter of time before law enforcement and regulatory bodies intensify their scrutiny of MEXC.

MEXC Key data

Trading namesMEXC, MEXC Global
MEXC Ventures
Business activityCrypto exchange
Social mediaLinkedIn, X, Instagram, Youtube
Legal entitiesMXC Technology Pte. Ltd.
MEXC Global Ltd
MEXC Estonia OÜ
MEXC Lithuania, UAB
MX Global Ltd
Contact data[email protected]
[email protected]
England (User Agreement)
Related individualsJohn Chen (LinkedIn) a/k/a
John Chen Ju
Yichen Peng
Ljudmila Budnikova
AuthorizationEstonian FIU crypto license
Payment optionsCrypto, Credit/debit card
Payment processorsMoonPay, Banxa,
Simplex, Paytend
Trustpilot1.9-star rating with a “Poor” trust level
Compliance ratingRed
WarningsBaFin, FMA, BCSC, SFC, FCA

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CategoriesCrypto Schemes

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