Tuesday, March 5, 2024

MEXC reportedly cracks down on users from China with no KYC

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Crypto exchange MEXC has reportedly initiated a crackdown on unverified users suspected to be from mainland China.

According to Chinese blockchain journalist Colin Wu, citing sources within the local crypto community, MEXC has begun imposing restrictions on accounts of users from mainland China who have not completed the KYC (Know Your Customer) verification.

While the exact reason behind this action remains undisclosed, affected users are purportedly left with only the option to close their trading orders and withdraw their crypto to alternative exchanges.

As of press time, MEXC has not issued any official statements regarding the matter.

The move comes after the Securities and Futures Commission of Hong Kong issued a warning regarding an alleged scam involving imposters attempting to mimic MEXC’s operations within the region.

The Hong Kong regulator suspects that victims were enticed to participate in social media or instant messaging chat groups under the guise of receiving free investment advice. Those expressing interest in purchasing cryptocurrencies were allegedly directed to websites purportedly “operated by MEXC.”

At the time of writing, MEXC appears to be among the few exchanges that have yet to implement mandatory KYC requirements for their customers, despite the global crackdown on unregulated crypto trading.


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