Key Data

• Trading Name: MEXC
• Legal Entity: MX Global Ltd, MEXC Estonia OÜ
• Activities: crypto trading platform
• Location: Mahé, Victoria
• Regulations: MSB license, FIU Estonia
• Key People: Ryder Junji, John Chen (Linkedin)
• PCI DSS Compliance
  

MEXC is a crypto trading platform that provides digital asset trading services with real-time prices of crypto tokens such as Bitcoin, Ethereum, and other Altcoins.

MEXC Global opened its doors in 2018 in Seychelles, East Africa, and has recently gained global prominence. It is a high-performance platform with many currencies, derivatives, and DeFi products.

MEXC is accessible in nearly every country, including those with stringent regulations, such as the United States, Australia, and Canada.

The MEXC exchange offers its users one-stop trading services such as spot, margin, leveraged ETF, and futures trading services and supports many cryptocurrencies. With over 1,500 coins traded on its platform, MEXC is the third-largest exchange in terms of supported cryptocurrencies.

Offering

Services that MEXC offers are:

• Providing TOTP tokens as secondary authentication to log into your MEXC trading account on your device or the MEXC website.
• Providing digital asset trading services with real-time prices of crypto tokens such as Bitcoin, Ethereum, and other altcoins.
• Providing access to NFT, DeFi, GameFi and Metaverse zones where you can explore and trade various crypto projects and assets.
• MEXC does not allow fiat withdrawals to its users. To cash out, users should transfer their cryptocurrencies to another exchange.
• Customers can buy cryptocurrencies from MEXC via credit/debit cards and through bank transfers. MEXC Estonia acts as payment agent. The purchase can be made directly at MEXC or via a third-party partner such as Mercuryo, MoonPay, Simplex, or Banxa. When buying through these third party partners, you do not need to go through a KYC procedure at MEXC.

Fees

According to the web search results, MEXC has zero spot trading fees, which means you can trade for free. For futures trading, it is free for makers and there is a small 0.01% fee for takers

Customer support team

Multilingual support enables MEXC to sort out any issues quickly and efficiently. They use live chat agents to answer your questions and provide solutions in real time.

Regulation/Legal Entity

According to the FinTelegram, the MEXC crypto scheme is operated by MXC Technology Pte. Ltd., MX Global Ltd, and
MEXC Estonia OÜ.

The United States is one of the five countries where the exchange is accessible. MEXC Exchange was granted the MSB license of the U.S. Therefore, it stands to reason that MEXC is legally permitted to conduct business in the United States.

Company Background & History

MEXC was founded in 2018 in the Seychelles in East Africa under the name MXC by Microsoft CFO Ryder Junji and a team of finance and blockchain experts.

The crypto exchange platform grew rapidly in 2019, accounting for 5% of the global digital asset market. . To achieve its global expansion mission, MXC was renamed MEXC Global in 2021.

The company gradually acquired compliance licenses in 4 countries, including Australia, Estonia, Canada and the United States.

In 2022, BitKan, the world’s largest cryptocurrency brokerage exchange, announced a strategic partnership with the major exchange MEXC Global. According to John Chen, CEO of MEXC, the global exchange platform will expand faster than ever before, allowing BitKan users to benefit from different funding rates at MEXC.

As of 2022, MEXC offers blockchain-based tools and services in more than 170 countries with over 10 million users.

Security

It has a high-end cold storage wallet, managing about $500 million in cryptocurrency deposits. For crypto exchanges, it is very critical to keep users’ assets in cold storage, which means storing all the data completely offline with a physical device. Hackers can easily access hot storage or software wallets once they find a breach in the system.

People

• According to the web search results, MEXC was founded in 2018 by Ryder Junji, who is also the CEO of the company
• John Chen (LinkedIn)
• Yichen Peng
• Ljudmila Budnikova

Customer review

On Trustpilot, MEXC has only a 2.0-star rating, practically a scam level.

Regulation

The Canadian British Colombia Securities Commission (BCSC), the Austrian Financial Market Authority (FMA), and the German BaFin warned against the crypto exchange MEXC.

Furthermore, MEXC’s association with the STYLE token project has added another layer of complexity to this compliance problem. The STYLE token, launched on the MEXC exchange, experienced a rapid and severe price drop shortly after its introduction. This price decline, reminiscent of a “rug-pull,” has left many investors with substantial losses and raised questions about the transparency and integrity of the exchange’s operations.

Key figures behind MEXC’s questionable practices, including Awek Werth and Valentine (Vale), have come under scrutiny, adding to concerns about the exchange’s ethical standards and commitment to regulatory compliance.

Fintelegram Report

MEXC has faced criticism for its lack of transparency, especially regarding the freezing of user accounts and potential insolvency. FinTelegram highlighted the non-disclosure of key compliance information, such as executives’ names and regulatory details, raising concerns among users. The Estonian FIU revoked MEXC Estonia’s crypto license in November 2023, leading to legal disputes. Unlike well-known exchanges like Binance and Coinbase, MEXC operates with opacity, fueling rumors of insolvency and prompting user withdrawals. MEXC denied allegations of freezing accounts and erasing profits, threatening legal action against those spreading rumors. Despite assurances, user complaints persist, contributing to uncertainty about the exchange’s operational status.

Compliance Rating

In November 2023, MEXC Estonia OÜ’s license was revoked by the responsible regulator. Although MEXC appealed against this decision, we take this as a red flag. In addition, several regulators (BCSC, FMA, BaFin) have issued warnings against MEXC.

FinTelegram highlighted the non-disclosure of key compliance information, such as executives’ names and regulatory details, raising concerns among users.

We have therefore placed this crypto service provider on our Red Compliance List.