MEXC
Last changed 2026-10-14 · Re-researched — Re-researched in full by the investigator agent; the text was rewritten from new research. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -19.2 |
| Long-running | +10 |
| Sum | 56 |
Score: 56/100 (kept between 0 and 100)
How scoring works →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.
Connected Entities
6 entities · 60 linked investigations- ZachXBT→mentioned with→Bitcoin(65%)
- Tether→mentioned with→Bitcoin(60%)
- MEXC→mentioned with→ZachXBT(70%)
- MEXC→mentioned with→Bitcoin(65%)
- MEXC→mentioned with→MEXC Exchange(80%)
- Bitget→mentioned with→Bitcoin(60%)
- MEXC Exchange→mentioned with→MEXC(70%)
- MEXC Exchange→mentioned with→Tether(60%)
- Bitget→mentioned with→ZachXBT(70%)
- MEXC Exchange→mentioned with→Bitget(60%)
2 submissions awaiting moderator review.
Timeline(24 events)
February 2020
MEXC's Seychelles operating entity incorporated as an International Business Company.
Seychelles FSA Public Statement: MEXC Global LimitedAugust 2023
Canada's British Columbia Securities Commission issues warning against MEXC for operating without registration.
MEXC Review 2026 - Is the MEXC Exchange Safe? - CryptoNewsAugust 2023
MEXC's Seychelles entity struck off the Seychelles company register.
Seychelles FSA Public Statement: MEXC Global LimitedSeptember 2023
Austria's Financial Market Authority issues warning against MEXC for operating without authorization.
MEXC Review 2026 - Is the MEXC Exchange Safe? - CryptoNewsOctober 2023
Germany's BaFin issues consumer warning that MEXC offers unauthorized financial services (crypto custody) in Germany.
BaFin investigates the company MEXC - BaFin official noticeNovember 2023
Estonia's FIU revokes the licence of MEXC Estonia OU, citing money laundering concerns; MEXC files a legal appeal.
FinTelegram - Breaking: MEXC Estonia Lost Crypto LicenseNovember 2023
Japan's FSA warns MEXC Global for operating without registration; MEXC subsequently removed from Japanese Apple App Store and Google Play.
Japan's financial regulator asks Apple, Google to block unregistered crypto exchanges - The BlockMarch 2024
Hong Kong SFC adds MEXC to its Suspicious Virtual Asset Trading Platforms Alert List for operating without a VATP licence.
CoinDesk - Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a LicenseJuly 2024
Belgium's FSMA orders MEXC Global Ltd to cease custodian wallet services and distribution of virtual-asset-linked financial products to Belgian retail clients.
fsma.beDecember 2024
MEXC's Seychelles entity automatically dissolved; it never applied for a licence under the Seychelles VASP Act 2024.
Seychelles FSA Public Statement: MEXC Global LimitedDecember 2024
EU MiCAR comes into full force; crypto-asset service providers must obtain CASP authorization to serve EU clients.
AFM warns consumers against crypto platform MEXCFebruary 2025
Seychelles FSA issues first public warning identifying the entity operating the MEXC platform as operating without authorization under the VASP Act.
Seychelles FSA Public Statement: MEXC Global LimitedApril 2025
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.
coindesk.comMay 2025
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.
Seychelles FSA Public Statement: MEXC Global LimitedJuly 2025
MEXC freezes the account of trader 'The White Whale', citing alleged automated trading violations; about $3.1 million inaccessible.
beincrypto.comSeptember 2025
Netherlands AFM issues formal public warning against MEXC for providing crypto-asset services without the required MiCAR licence.
AFM warns consumers against crypto platform MEXCOctober 2025
ZachXBT publicly amplifies The White Whale's frozen fund case; Bitcoin withdrawals from MEXC surge from about 40 to over 1,200 per day.
finance.yahoo.comNovember 2025
MEXC Chief Strategy Officer Cecilia Hsueh issues public apology, acknowledges operational failures and returns over $3 million in frozen funds.
finance.yahoo.comDecember 2025
MEXC faces renewed scrutiny over premarket scam allegations, including seller defaults not compensated per MEXC's own collateral rules.
cryptotimes.ioApril 2026
MEXC appoints Vugar Usi as new CEO; says a MiCA licence application is 'a top strategic priority'.
MEXC Names New CEO And Expands Global Strategy - CoinTelegraphJune 2026
MEXC advises EU users to withdraw all funds before July 1, 2026, signalling a formal EU market exit.
Does MEXC have a MiCA (CASP) license? No - flagged by a regulator - CASP TrackerJuly 2026
EU MiCA transitional period ends; MEXC holds no CASP authorization and is absent from the ESMA register.
Does MEXC have a MiCA (CASP) license? No - flagged by a regulator - CASP TrackerDecision Log
- slot 455364073 · hash QfF5N7q7P3gDEeKaZkcX7svmZcpwWHLDTJAUbFq5r4j
- slot 426514934 · hash Av5vhgFK71SHMaJrH112K6Fz1mNaPAQkCT4xwgBeZmLg
- slot 426514931 · hash DhKtWi1DF6p1keB7J6mVR1XTLnYgkjL9Myrz1vw9eir3
- slot 426263788 · hash 99ZiK4aLR18aF5GjTSVozSsifQ9T8mWh17ojbseoNL9d
- slot 426263783 · hash A6Agh5XrauhkDS1iQBQYFLBSiCH17j7WV5gSKV6rrkHA
- slot 420653479 · hash 62moCHUeq56qJsbtpNf7QcMjhj9LfrmkuKo8PLUZscg8
This investigation is cryptographically anchored to the Solana blockchain (6 decisions). 27 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/4/2026, 4:04:59 PM
last updated: 10/14/2026, 12:25:00 AM
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