The MEXC Storm Continues: Discussion About The Deleted X Account Of Twitter CEO John Chen Ju!

Crypto exchange MEXC appealed against license revocation in Estonia
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The crypto exchange MEXC is on the red list on FinTelegram. This was the result of several reviews that revealed an unclear situation regarding regulation and the apparent secrecy surrounding the beneficial owners. In Estonia, the FIU revoked the crypto license of MEXC Estonia OÜ, which the company appealed against. Following the Grimace debacle and insolvency rumors, MEXC CEO John Chen Ju is said to have deleted his X account, which the scheme denies.

The MEXC Storm Continues

X account of MEXC CEO John Chen Ju disappeared

The situation at MEXC is the subject of heated debate on X. Insolvency rumors are spreading. Nothing is known for sure. It doesn’t help that MEXC is very opaque and provides no information about the operators and the group behind the scheme. In a reaction a few hours ago, MEXC claimed that CEO John Chen Ju had never had an X account. Other X users quickly refuted this claim and provided screenshots.

There are also calls on X to withdraw the funds from MEXC until the situation has been clarified. Most recently, the Grimace Coin debacle – FinTelegram reported on it here – has caused MEXC considerable financial damage and loss of reputation.

Regulatory Issues For MEXC

A few weeks ago, the Estonian FIU, as the competent authority in Estonia, revoked the crypto license of MEXC Estonia OÜ. This company acts as a payment agent for the MEXC scheme. MEXC Estonia‘s lawyers had claimed in representations to FinTelegram that MEXC Estonia was not part of the MEXC Group. We were able to refute this and have requested a new statement. We have not received this to date.

Read the reports on MEXC here.

Red Compliance Warning Reiterated

The rumors about a possible insolvency of MEXC may or may not be true. How the regulatory situation will be resolved will become clear in 2024. In any case, MEXC‘s situation is critical. We, therefore, reiterate our Red Compliance and advise avoiding the platform and withdrawing funds as a precautionary measure.

MEXC Key data

Trading namesMEXC, MEXC Global
MEXC Ventures
Business activityCrypto exchange
Social mediaLinkedIn, X, Instagram, Youtube
Legal entityMXC Technology Pte. 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,
Trustpilot2.2-star rating with a “Poor” trust level
Compliance ratingRed
WarningsBaFin, FMA, BCSC

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