Multiple traders have reported that their accounts on the MEXC cryptocurrency exchange have been frozen and funds seized, as per various posts on X (formerly known as Twitter). The exchange has attributed these actions to detecting "unusual trading activity."
Since December 16, there have been growing complaints from MEXC users regarding restrictions on their accounts. A notable case involved an anonymous trader named Vida, who reported on Day X that they lost $92,000 in Tether after a series of successful futures trades on MEXC over a 15-day period. Vida stated that after contacting support and providing the necessary documents, the funds, along with their order history, were suddenly removed from their account.
Vida shared screenshots showing that MEXC's support acknowledged their risk control system had flagged an issue with the trades, which were then scrutinized by the exchange's staff. MEXC's statement, as reported, reads: "Concerning the constraints on your account and issues with futures trading/assets you've mentioned, our risk control system and relevant team members have conducted an exhaustive investigation. It was discovered that there were abnormal activities in your account and associated accounts. As per our Terms of Use, actions have been taken to rectify the damages caused."
Similar experiences have been reported by several traders recently. One user, facing issues since September, claimed their account was frozen following an $8,000 trade. This user also noted that approximately 10% of their acquaintances who traded on MEXC have faced similar issues.
MEXC's terms of service grant the exchange the authority to investigate any breaches of the agreement, decide autonomously if there has been a violation, and respond according to the regulations without requiring user consent or prior notification. Actions under these terms can include order blocking and closure, account freezing, reporting to authorities, publicizing suspected violations and actions taken against them, and removing any offending content.
Established in 2018 and based in Seychelles, MEXC is a centralized cryptocurrency exchange. As indicated on its website, it does not offer trading services in the United States, Canada, or China. The exchange lists over 2,000 trading pairs.
