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- 1 Seychelles-based Crypto Exchange MEXC is under the radar for the allegations of account locking and fund seizures.
- 2 MEXC users accuse the exchange of locking them out of accounts.
- 3 Users including one who lost $9,000 on Tether have publicly voiced their frustration.
MEXC, a crypto exchange based in Seychelles, has faced criticism for allegedly locking users out of their accounts and confiscating their funds. The exchange says these actions were due to abnormal trading activities, but the crypto community is worried. Many users have taken to social media platform X in the past few days to accuse MEXC of locking them out of their accounts, taking their funds, and ignoring their support requests.
MEXC Users Are Expressing Worries
Some MEXC users have recently made some alarming accusations against the exchange. The accusations, which began on December 16th, along with the silence from MEXC, have made crypto investors suspicious of the exchange’s shady activities.
Traders are expressing their worries and reporting unexpected limitations on their accounts after making profitable trades on the platform X. A remarkable case is that of a pseudonymous trader, Vida, who says he lost $92,000 in Tether (USDT) after doing well in futures market trades on MEXC.
The trader’s account and order history were supposedly erased after talking to MEXC’s support team.
Vida said, “I contacted support and provided them with documents. My account was empty the next day, and the order history was erased.”
Many traders have recently complained of similar issues. A user who has been having problems since September revealed that their account was locked after an $8,000 trade. Based on personal stories, almost 10% of the trading community around this person has faced similar issues with MEXC. The trend of account restrictions and fund seizures has sparked growing discontent among MEXC users.
According to MEXC’s terms of service, the exchange “has the right to investigate any breach of this Agreement, unilaterally decide whether you have breached this Agreement, and take actions under appropriate regulations without your permission or prior notice.”
What Next?
As per the terms, MEXC can take various measures in reaction to breaches. These measures include blocking and sealing order requests, freezing accounts, reporting incidents to authorities, publicly revealing alleged violations and the steps taken, as well as deleting any violating details.
As concerned traders voice their situations and allegations against MEXC, the cryptocurrency community is observing how well the exchange manages these problems. The position emphasizes the challenges and debates covering the decentralized and often unregulated nature of the digital asset market, and highlights the importance of clarity and responsibility in crypto exchanges.
To add insult to injury, MEXC has failed to make any comments on the objections on social media. According to the exchange’s terms of service, it secures the right to make efforts to recover any profits received in violation of its user agreement and privacy policy.
MEXC is a centralized cryptocurrency exchange established in 2018 and based in Seychelles. As per the website, trading services are not available in the United States, Canada, and China. The exchange offers trading for more than 2,000 pairs.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
