Crypto Exchange MEXC: Secures Scam Level Rating On TrustPilot; Issues Crypto Debit Card With Paytend!

Crypto exchange MEXC appealed against license revocation in Estonia
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FinTelegram has already issued several warnings against the crypto exchange MEXC. The points we criticized have still not been resolved. The website does not provide any information on the operators or regulations. These are essential details whose absence automatically results in a red flag. We found the Lithuanian E-Money Institute (EMI) Paytend to be the payment processor for bank transfers. On Trustpilot, MEXC secured a 1.9-star rating with a poor trust level. Here is our update.

Latest MEXC Update

FSA email explains that MEXC is not licensed in the Seychelles
FSA email regarding MEXC

In our new review on February 2, 2024, we were again unable to identify the legal entity in which jurisdiction an agreement was concluded. We even asked ChatGPT for assistance. AI was also unable to determine from the Terms who our legal counterparty is as a customer of MEXC.

We received an email from the FSA Seychelles from a whistleblower informing us that MEXC Global Ltd had been removed from the company register. In addition, the FSA states that there is no regulation or supervision of crypto companies in the Seychelles.

MEXC and Paytend issue a co-branded crypto debit card

Our review also found the Lithuanian e-money institute Paytend to be a payment processor for MEXC bank transfers. Together with Paytend (website), MEXC Estonia OÜ, registered in Estonia, also issues a crypto debit card. Interestingly, the Estonian FIU has withdrawn MEXC Estonia‘s crypto license. MEXC has appealed against this (report here). The court must now decide whether MEXC Estonia may keep its license.

It is also interesting to note that MEXC Estonia’s lawyers claimed in a written statement to FinTelegram that this Estonian entity had nothing to do with the MEXC crypto exchange. Lies and false statements wherever you look at MEXC. One red flag after the next. They really earned their red compliance listing.

We advise users to avoid MEXC. A crypto financial service provider that is not able to simply state on its website with whom and in what jurisdiction the user is entering into an agreement is not trustworthy.

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

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If you have any information about MEXC, its operators, and its activities, please let us know via our whistleblowing system, Whistle42.

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