{"investigation":{"slug":"mexc","entity_name":"MEXC","trust_score":56,"severity_base":56,"score_modifier":0,"confidence":1,"status":"published","content_type":"investigation","summary":"MEXC is a centralized cryptocurrency exchange founded in 2018 and operating from the Seychelles, whose Seychelles operating entity was struck off in August 2023 and dissolved in December 2024 without ever being licensed under the VASP Act 2024. It has drawn warnings or orders from regulators in Hong Kong, Germany, Belgium, Japan, Estonia, Austria, Canada, the Netherlands and South Korea, holds no MiCA licence and signalled an EU market exit ahead of July 1, 2026. In 2025 its handling of frozen accounts, notably 'The White Whale' case amplified by ZachXBT, led to a public apology from its Chief Strategy Officer.","sections":[{"content":"MEXC was founded in 2018 as MXC Exchange and rebranded to MEXC Global in June 2021; it was initially associated with Singapore and China-based founders. It offers spot, futures and margin trading, is headquartered in Victoria, Seychelles, and reportedly has about 2,000 employees according to industry databases. MEXC reports daily trading volume of about $2.2 billion and lists over 3,000 tokens. Its operating entity was incorporated as an International Business Company in the Seychelles on February 18, 2020, named MEXC Global Ltd on one page and MX Global Ltd (IBC No. 238047) on another. The Seychelles Financial Services Authority (FSA) states that the entity was struck off the register on August 17, 2023 and automatically dissolved on December 18, 2024, and that it 'does not, nor has it ever had any authorisation to operate under the Virtual Asset Service Providers Act, 2024'; no application was submitted before the end of the transitional period. Current beneficial ownership is not publicly disclosed; investigative reporting has alleged that an individual referred to only as 'Tony' may hold effective control, which has not been independently verified. Vugar Usi Zade is publicly identified as CEO; one page reports he was appointed in April 2026 (previously COO at Bitget) and described a MiCA licence application as 'a top strategic priority'. Cecilia Hsueh served as Chief Strategy Officer during the November 2025 fund-freeze controversy.","heading":"Background and corporate structure","sources":[{"url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited","name":"Seychelles FSA Public Statement: MEXC Global Limited","type":"other","credibility":2},{"url":"https://cointelegraph.com/news/mexc-eu-mica-compliance-new-ceo-takes-helm","name":"MEXC Names New CEO And Expands Global Strategy - CoinTelegraph","type":"news_article","credibility":2},{"url":"https://www.mexc.com/about","name":"MEXC About Page / various exchange reviews","type":"other","credibility":2},{"url":"https://www.bitdegree.org/top-crypto-exchanges/mxc","name":"BitDegree MEXC Review","type":"other","credibility":2}],"severity":"medium"},{"content":"The Seychelles FSA issued a public warning on February 14, 2025, followed by an enforcement public statement on May 30, 2025, identifying the Seychelles entity operating the MEXC platform as operating virtual asset services without authorization in breach of section 5 of the VASP Act and section 5(2)(g)(ii) of the IBC Act, 2016. The FSA noted that the company had ignored prior public warnings and never submitted a licensing application. Measures included referral to a competent authority for further assessment and potential legal proceedings and coordination with international regulators. The FSA says it cannot investigate complaints or facilitate fund recovery for MEXC users because the entity is not licensed or supervised. The dissolution of the entity leaves the legal entity through which MEXC currently operates globally unclear; no successor entity has been publicly disclosed.","heading":"Seychelles FSA enforcement and legal standing","sources":[{"url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited","name":"Seychelles FSA Public Statement: MEXC Global Limited","type":"other","credibility":2},{"url":"https://www.comsuregroup.com/news/seychelles-fsa-enforcement-against-mexc-vasp-signalling-tighter-global-oversight-of-offshore-crypto-platforms/","name":"Seychelles FSA Enforcement Against MEXC VASP - Comsure","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Estonia (November 2023): Estonia's Financial Intelligence Unit revoked the licence of MEXC Estonia OU on November 17, 2023 on money-laundering grounds. The subsidiary processed SEPA and card payments for the exchange and worked with partners including Mercuryo, Banxa, MoonPay and Simplex. MEXC Estonia appealed; under Estonian administrative law the licence was considered valid pending a court ruling.\n\nGermany (October 2023): BaFin issued a consumer warning on October 19, 2023 that MEXC was offering financial services, including crypto custody, via mexc.com without the required authorization.\n\nBelgium (July 2024): the FSMA ordered MEXC Global Ltd on July 23, 2024 to cease custodian wallet services in Belgium and to stop distributing to Belgian retail clients financial products whose returns depend on virtual money, finding the services were offered from a non-EEA country (Seychelles) in violation of Belgian law, and ordered Belgian client wallets transferred to an authorized EEA custodian.\n\nAustria and Canada (2023): Austria's FMA (September 2023) and the British Columbia Securities Commission (August 2023) issued warnings citing operation without proper registration or authorization.\n\nNetherlands (September 2025): on September 24, 2025 the Dutch AFM warned that MEXC Global provides crypto-asset services in the Netherlands without the required MiCAR licence (section 59 MiCAR). The AFM noted MEXC targeted Dutch consumers through a Dutch-language X account and sponsorship of a Dutch blockchain conference, that MEXC was no longer registered in any trade register so its legal jurisdiction was unclear, and that consumers could lose their entire investment if MEXC became insolvent.","heading":"Regulatory actions in Europe","sources":[{"url":"https://fintelegram.com/breaking-mexc-estonia-lost-crypto-license-over-money-laundering-issues/","name":"FinTelegram - Breaking: MEXC Estonia Lost Crypto License","type":"other","credibility":2},{"url":"https://fintelegram.com/license-revoked-urgent-warning-against-crypto-exchange-mexc-and-its-possible-collapse/","name":"License Revoked: Urgent Warning Against Crypto Exchange MEXC - FinTelegram","type":"news_article","credibility":2},{"url":"https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/unerlaubte/2023/meldung_2023_10_17_mexc_en.html","name":"BaFin investigates the company MEXC - BaFin official notice","type":"regulatory","credibility":1},{"url":"https://www.coinlive.com/news/germany-s-bafin-issues-warning-to-mexc-exchange-for-unauthorized-financial","name":"coinlive.com","type":"other","credibility":2},{"url":"https://www.fsma.be/en/news/mexc-global-ltd-wwwmexccom-order","name":"fsma.be","type":"other","credibility":2},{"url":"https://cryptonews.com/reviews/mexc-review/","name":"MEXC Review 2026 - Is the MEXC Exchange Safe? - CryptoNews","type":"news_article","credibility":2},{"url":"https://www.afm.nl/en/sector/actueel/2025/sep/mr-mexc-waarschuwing","name":"AFM warns consumers against crypto platform MEXC","type":"regulatory","credibility":1},{"url":"https://bitvavo.com/en/blog/afm-issues-warning-about-mexc","name":"AFM issues warning about MEXC - Bitvavo","type":"news_article","credibility":2}],"severity":"high"},{"content":"Hong Kong (March 2024): on March 15, 2024 the Securities and Futures Commission added MEXC to its Suspicious Virtual Asset Trading Platforms Alert List, stating MEXC actively promoted services to Hong Kong investors without a Virtual Asset Trading Platform licence and without filing for one before the February 29, 2024 deadline; operating or actively marketing an unlicensed virtual asset exchange in Hong Kong is a criminal offence under the AMLO.\n\nJapan: the Financial Services Agency warned MEXC Global for operating without registration, citing Article 63-2 of Japan's Act on Settlement of Funds; MEXC was subsequently removed from Japan's Apple App Store and Google Play (dated 2023 on one page).\n\nSouth Korea (April 2025): the Financial Intelligence Unit directed Apple to block MEXC's app on the Korean App Store and Google Play to delist it, citing failure to register as a VASP and money-laundering risks. MEXC said it was 'reviewing necessary measures to ensure alignment with relevant policies.'","heading":"Regulatory actions in Asia","sources":[{"url":"https://www.coindesk.com/policy/2024/03/15/hong-kong-regulator-says-crypto-exchange-mexc-has-been-operating-without-a-license","name":"CoinDesk - Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a License","type":"other","credibility":2},{"url":"https://www.coinspeaker.com/hong-kong-sfc-warning-mexc/","name":"Hong Kong SFC Issues Warning against MEXC Crypto Platform for Unlicensed Activities - Coinspeaker","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/339501/japan-apple-google-block-crypto-apps","name":"Japan's financial regulator asks Apple, Google to block unregistered crypto exchanges - The Block","type":"news_article","credibility":1},{"url":"https://www.fastbull.com/brokersview/news/japan-fsa-warns-of-four-unregistered-crypto-exchanges-88555","name":"Japan FSA Warns of Four Unregistered Crypto Exchanges - FastBull/BrokersView","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/policy/2025/04/14/kucoin-mexc-and-12-crypto-exchanges-apple-apps-blocked-in-south-korea","name":"coindesk.com","type":"other","credibility":2}],"severity":"high"},{"content":"The EU MiCAR transitional period for existing operators ended on July 1, 2026. As of that deadline MEXC does not appear in the ESMA register of authorized CASPs, so it holds no MiCA licence in any member state, and no public application has been confirmed. In June 2026 MEXC advised EU users to withdraw funds before July 1, 2026, signalling an EU market exit. EU users who did not withdraw may face restrictions on account access, trading and deposits; exchanges exiting under MiCA typically halt deposits and onboarding, then restrict trading, then move to withdrawal-only mode. USDT also lacks MiCA authorization, which may complicate stablecoin holdings, and because no licensed regulator can intervene, users may have limited recourse.","heading":"MiCA non-compliance and EU market exit","sources":[{"url":"https://casptracker.eu/exchange/mexc/","name":"Does MEXC have a MiCA (CASP) license? No - flagged by a regulator - CASP Tracker","type":"research","credibility":2},{"url":"https://hyperdash.com/learn/mica-crypto-exchange-ban-europe-2026","name":"MiCA July 1: Which Crypto Exchanges Are Banned in Europe? - Hyperdash","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/mexc-eu-mica-compliance-new-ceo-takes-helm","name":"MEXC Names New CEO And Expands Global Strategy - CoinTelegraph","type":"news_article","credibility":2},{"url":"https://www.afm.nl/en/sector/actueel/2025/sep/mr-mexc-waarschuwing","name":"AFM warns consumers against crypto platform MEXC","type":"regulatory","credibility":1},{"url":"https://www.financemagnates.com/cryptocurrency/regulation/europes-crypto-market-after-july-1-who-stays-who-leaves-and-what-changes-under-mica/","name":"Europe's Crypto Market After July 1: Who Stays, Who Leaves - Finance Magnates","type":"news_article","credibility":2}],"severity":"high"},{"content":"In July 2025 MEXC froze the account of a trader known as 'The White Whale', citing alleged terms-of-service violations (two orders in the same second, characterised as possible automated trading). About $3.1 million remained frozen for months, during which the trader ran a public campaign and offered a $2 million reward to expose the exchange's practices, and reported that hundreds of other users had suffered similar indefinite freezes. On-chain investigator ZachXBT amplified the case. According to CryptoQuant, Bitcoin withdrawals from MEXC rose from about 40 per day to more than 1,200 per day; one section dates this to mid-July 2025 and the timeline entry to the period of ZachXBT's amplification on October 30, 2025. In November 2025 Chief Strategy Officer Cecilia Hsueh publicly apologised, returned the frozen funds (over $3 million), acknowledged that the exchange's 'risk, operations, and PR teams have not kept up' with its growth and promised a fast-track channel for frozen-account cases. MEXC reaffirmed solvency in November 2025 amid rumours; complaints of frozen accounts, unauthorized withdrawals and multi-month lockouts continued into early 2026, and review-aggregator ratings remain poor. ZachXBT's intervention was cited by multiple outlets as the catalyst for MEXC's response.","heading":"User fund freezes and the White Whale incident","sources":[{"url":"https://beincrypto.com/mexc-apologizes-white-whale-3-million-dispute/","name":"beincrypto.com","type":"other","credibility":2},{"url":"https://finance.yahoo.com/news/fucked-mexc-exec-promises-changes-213450173.html","name":"finance.yahoo.com","type":"other","credibility":2},{"url":"https://finance.yahoo.com/news/mexc-issues-public-apology-white-222146173.html","name":"finance.yahoo.com","type":"other","credibility":2}],"severity":"high"},{"content":"In December 2025 users reported two premarket incidents within twenty days: a buyer who bought RateX at $0.4 (listing price later reaching $1.3) after the seller failed to settle alleges MEXC retained the collateral rather than compensating the buyer per its own Rule No. 10; in a second case a terminated premarket trade left a user's USDT unreturned for more than ten days without substantive explanation. MEXC listed over 3,000 tokens in 2024, including more than 600 meme coins, which critics argue increases exposure to low-quality and insider-affiliated launches; reporting flagged accounts linked to project teams with undeclared affiliations and suspicious trading around listings. MEXC states it uses real-time detection and surveillance of small-cap assets.","heading":"Premarket trading and token listing quality","sources":[{"url":"https://www.cryptotimes.io/2025/12/20/mexc-once-again-faces-scrutiny-on-premarket-scams-allegations/","name":"cryptotimes.io","type":"other","credibility":2}],"severity":"medium"},{"content":"In early 2026 ZachXBT noted that approximately 4,170 ETH (about $12.4 million at prevailing prices) flowed from MEXC into a wallet linked to a suspected theft network, part of a broader investigation linking wallets to more than $90 million in alleged stolen funds, including amounts connected to a U.S. government seizure address. Whether MEXC was a source or merely a transit venue was not established in the reporting available.","heading":"On-chain concerns and ZachXBT investigation","sources":[],"severity":"medium"},{"content":"MEXC formally restricts users in the United States, United Kingdom, Canada and roughly 15 other jurisdictions, but VPN guides for accessing it from restricted countries are widely available and independent reviewers describe its KYC enforcement for restricted-jurisdiction users as inconsistent. Regulators in Belgium, South Korea, Estonia, Germany, Japan and Hong Kong have cited inadequate AML controls or failure to register as a VASP as the basis for their actions, and the Estonian licence revocation was explicitly attributed to money-laundering concerns.","heading":"KYC, AML and jurisdiction restrictions","sources":[{"url":"https://www.fsma.be/en/news/mexc-global-ltd-wwwmexccom-order","name":"fsma.be","type":"other","credibility":2},{"url":"https://www.coindesk.com/policy/2025/04/14/kucoin-mexc-and-12-crypto-exchanges-apple-apps-blocked-in-south-korea","name":"coindesk.com","type":"other","credibility":2},{"url":"https://fintelegram.com/breaking-mexc-estonia-lost-crypto-license-over-money-laundering-issues/","name":"FinTelegram - Breaking: MEXC Estonia Lost Crypto License","type":"other","credibility":2},{"url":"https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/unerlaubte/2023/meldung_2023_10_17_mexc_en.html","name":"BaFin investigates the company MEXC - BaFin official notice","type":"regulatory","credibility":1},{"url":"https://www.theblock.co/post/339501/japan-apple-google-block-crypto-apps","name":"Japan's financial regulator asks Apple, Google to block unregistered crypto exchanges - The Block","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/policy/2024/03/15/hong-kong-regulator-says-crypto-exchange-mexc-has-been-operating-without-a-license","name":"CoinDesk - Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a License","type":"other","credibility":2}],"severity":"medium"},{"content":"MEXC has not been publicly reported to have suffered a major security breach causing user fund losses as of the investigation date. It has partnered with Hacken for security auditing, maintains a self-described $100 million Guardian Fund and publishes periodic proof-of-reserves reports, which independent reviews view positively. However, its pattern of operating in regulated markets without required licences undermines user protection because users lack regulatory recourse in a dispute or insolvency.","heading":"Security and operational track record","sources":[{"url":"https://coinspot.io/en/trading/is-mexc-safe/","name":"Is MEXC Safe? Security Features, Proof of Reserves, and Regulation - CoinSpot","type":"research","credibility":2},{"url":"https://www.datawallet.com/crypto/mexc-review","name":"MEXC Review 2026: Features, Fees, Regulation & Risks - DataWallet","type":"research","credibility":2}],"severity":"low"}],"timeline":[{"date":"2018","event":"MEXC exchange (originally MXC Exchange) founded.","source":"MEXC About Page / various exchange reviews","source_url":"https://www.mexc.com/about"},{"date":"2020-02","event":"MEXC's Seychelles operating entity incorporated as an International Business Company.","source":"Seychelles FSA Public Statement: MEXC Global Limited","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2021-06","event":"MXC Exchange rebrands to MEXC Global, expanding international focus.","source":"BitDegree MEXC Review","source_url":"https://www.bitdegree.org/top-crypto-exchanges/mxc"},{"date":"2023-08","event":"Canada's British Columbia Securities Commission issues warning against MEXC for operating without registration.","source":"MEXC Review 2026 - Is the MEXC Exchange Safe? - CryptoNews","source_url":"https://cryptonews.com/reviews/mexc-review/"},{"date":"2023-08","event":"MEXC's Seychelles entity struck off the Seychelles company register.","source":"Seychelles FSA Public Statement: MEXC Global Limited","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2023-09","event":"Austria's Financial Market Authority issues warning against MEXC for operating without authorization.","source":"MEXC Review 2026 - Is the MEXC Exchange Safe? - CryptoNews","source_url":"https://cryptonews.com/reviews/mexc-review/"},{"date":"2023-10","event":"Germany's BaFin issues consumer warning that MEXC offers unauthorized financial services (crypto custody) in Germany.","source":"BaFin investigates the company MEXC - BaFin official notice","source_url":"https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/unerlaubte/2023/meldung_2023_10_17_mexc_en.html"},{"date":"2023-11","event":"Estonia's FIU revokes the licence of MEXC Estonia OU, citing money laundering concerns; MEXC files a legal appeal.","source":"FinTelegram - Breaking: MEXC Estonia Lost Crypto License","source_url":"https://fintelegram.com/breaking-mexc-estonia-lost-crypto-license-over-money-laundering-issues/"},{"date":"2023-11","event":"Japan's FSA warns MEXC Global for operating without registration; MEXC subsequently removed from Japanese Apple App Store and Google Play.","source":"Japan's financial regulator asks Apple, Google to block unregistered crypto exchanges - The Block","source_url":"https://www.theblock.co/post/339501/japan-apple-google-block-crypto-apps"},{"date":"2024-03","event":"Hong Kong SFC adds MEXC to its Suspicious Virtual Asset Trading Platforms Alert List for operating without a VATP licence.","source":"CoinDesk - Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a License","source_url":"https://www.coindesk.com/policy/2024/03/15/hong-kong-regulator-says-crypto-exchange-mexc-has-been-operating-without-a-license"},{"date":"2024-07","event":"Belgium's FSMA orders MEXC Global Ltd to cease custodian wallet services and distribution of virtual-asset-linked financial products to Belgian retail clients.","source":"fsma.be","source_url":"https://www.fsma.be/en/news/mexc-global-ltd-wwwmexccom-order"},{"date":"2024-12","event":"MEXC's Seychelles entity automatically dissolved; it never applied for a licence under the Seychelles VASP Act 2024.","source":"Seychelles FSA Public Statement: MEXC Global Limited","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2024-12","event":"EU MiCAR comes into full force; crypto-asset service providers must obtain CASP authorization to serve EU clients.","source":"AFM warns consumers against crypto platform MEXC","source_url":"https://www.afm.nl/en/sector/actueel/2025/sep/mr-mexc-waarschuwing"},{"date":"2025-02","event":"Seychelles FSA issues first public warning identifying the entity operating the MEXC platform as operating without authorization under the VASP Act.","source":"Seychelles FSA Public Statement: MEXC Global Limited","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2025-04","event":"South Korea's FIU directs Apple to block MEXC's app from the Korean App Store; Google Play also delists MEXC for failure to register as a VASP.","source":"coindesk.com","source_url":"https://www.coindesk.com/policy/2025/04/14/kucoin-mexc-and-12-crypto-exchanges-apple-apps-blocked-in-south-korea"},{"date":"2025-05","event":"Seychelles FSA issues public statement confirming the entity was struck off, dissolved and never licensed under the VASP Act 2024, and refers the matter to a competent authority.","source":"Seychelles FSA Public Statement: MEXC Global Limited","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2025-07","event":"MEXC freezes the account of trader 'The White Whale', citing alleged automated trading violations; about $3.1 million inaccessible.","source":"beincrypto.com","source_url":"https://beincrypto.com/mexc-apologizes-white-whale-3-million-dispute/"},{"date":"2025-09","event":"Netherlands AFM issues formal public warning against MEXC for providing crypto-asset services without the required MiCAR licence.","source":"AFM warns consumers against crypto platform MEXC","source_url":"https://www.afm.nl/en/sector/actueel/2025/sep/mr-mexc-waarschuwing"},{"date":"2025-10","event":"ZachXBT publicly amplifies The White Whale's frozen fund case; Bitcoin withdrawals from MEXC surge from about 40 to over 1,200 per day.","source":"finance.yahoo.com","source_url":"https://finance.yahoo.com/news/fucked-mexc-exec-promises-changes-213450173.html"},{"date":"2025-11","event":"MEXC Chief Strategy Officer Cecilia Hsueh issues public apology, acknowledges operational failures and returns over $3 million in frozen funds.","source":"finance.yahoo.com","source_url":"https://finance.yahoo.com/news/mexc-issues-public-apology-white-222146173.html"},{"date":"2025-12","event":"MEXC faces renewed scrutiny over premarket scam allegations, including seller defaults not compensated per MEXC's own collateral rules.","source":"cryptotimes.io","source_url":"https://www.cryptotimes.io/2025/12/20/mexc-once-again-faces-scrutiny-on-premarket-scams-allegations/"},{"date":"2026-04","event":"MEXC appoints Vugar Usi as new CEO; says a MiCA licence application is 'a top strategic priority'.","source":"MEXC Names New CEO And Expands Global Strategy - CoinTelegraph","source_url":"https://cointelegraph.com/news/mexc-eu-mica-compliance-new-ceo-takes-helm"},{"date":"2026-06","event":"MEXC advises EU users to withdraw all funds before July 1, 2026, signalling a formal EU market exit.","source":"Does MEXC have a MiCA (CASP) license? 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