Tag: MEXC Global

Following an aggressive FinTelegram investigation and an Open Letter to its European banking partners, the offshore crypto giant MEXC has scrubbed its website of unauthorized FinTelegram articles. Was it the fear of financial regulators, or the profound irony of a scam-rated exchange automatically republishing our exposés about its own fraudulent activities? Anyway, the systemic regulatory violations continue.

Investigative forensics have unmasked the sophisticated "shadow rail" powering the Euro-denominated on-ramps for the globally blacklisted exchange MEXC. By deploying a complex layering strategy across Romania and Lithuania, MEXC avoids regulatory scrutiny and banking blocks, utilizing a "ghost" payment gateway that effectively launders the identity of the merchant from the financial system.

In a brazen display of lawlessness, the crypto exchange MEXC Global has transitioned from regulatory evasion to active content piracy. Our investigation reveals that MEXC, primarily through its mutated domain mexc.co, has been systematically scraping and republishing FinTelegram’s investigative articles in their entirety without authorization.

MEXC is certainly one of the most notorious crypto exchanges when it comes to compliance violations. FinTelegram has already pointed this out several times. But the number of negative customer reviews is also increasing. FinTelegram has repeatedly flagged the crypto-exchange MEXC for opaque structures and unlicensed operations.

FinTelegram has already issued several warnings against the crypto exchange MEXC, which is apparently operated by Asians, and has shown how this "Binance-style" crypto exchange operates globally without regulatory permission with millions of customers. Recently, the Spanish CNMV also issued a warning after the German BaFin, the Austrian FMA, the UK FCA and other regulators had already issued warnings. FinTelegram has placed MEXC on the Red Compliance List.

Recent months have witnessed a concerted effort by U.S. authorities, including the Department of Justice, the FinCEN, and regulatory bodies such as the SEC and the CFTC, to clamp down on crypto exchanges flouting financial laws and regulatory norms. However, the landscape in Europe presents a contrasting scenario where exchanges like MEXC continue their operations amidst allegations of illegal activities and regulatory infractions. Recently, the Hong Kong SFC warned against MEXC.

The Estonian entity of the crypto scheme MEXC, MEXC Estonia OÜ, has appealed against the revocation of its license in court in Estonia. The appeal reinstated the license. Pending the court's decision, the license is therefore to be recognized as valid. It remains to be seen whether the court will confirm the FIU's revocation of MEXC Estonia's crypto license.

The Estonian entity MEXC Estonia OÜ holds a crypto license issued by the Estonian FIU. The entity operates as a payment agent and distributor for the crypto exchange MEXC. FinTelegram recently reported the warning issued by Austrian FMA against the crypto exchange MEXC. In October 2023, the German BaFin also issued a warning. Due to the regulatory warnings and other issues, we downgraded MEXC to our Red Compliance list. Here is the update.