Allegations of MEXC Locking Users Out of Accounts
Recent accusations have surfaced against Seychelles-based crypto exchange MEXC, with users claiming that the exchange has locked them out of their accounts and seized their funds. These allegations, combined with MEXC’s lack of response, have raised concerns within the crypto community.
A trader named Vida took to social media to share their experience, stating that their account was locked, $92,000 in trading profit was frozen, and the order history was wiped out. Despite reaching out to MEXC’s support, Vida received no valid explanation for the account seizure, only citing abnormal trading activities. Screenshots of the conversation with MEXC’s support were shared as evidence.
Other users have also reported being locked out of their accounts and complaints can be found in the exchange’s Telegram group.
Possible Explanation
Vida provided a possible explanation for the account closures. According to them, MEXC engages in shady activities such as forging liquidity and market making. The exchange often acts as a market maker and bets against traders. However, if a trader becomes too profitable, they become a problem for the exchange and their account may be closed abruptly.
Vida shared screenshots of MEXC’s order book, which appeared thicker than other exchanges like Binance. However, Vida claimed that this was manipulated by the exchange. They concluded by advising users to withdraw from MEXC due to its similarities to FTX.
MEXC has not addressed the complaints on social media platforms and its terms of service allow the exchange to take measures to recover profits obtained in violation of its user agreement and privacy policy.
Hot Take: Concerns Grow Over Alleged Account Lockouts on MEXC Crypto Exchange
Seychelles-based crypto exchange MEXC is facing backlash as users claim that their accounts have been locked and funds seized without explanation. The lack of response from the exchange and the growing number of complaints on social media have raised concerns within the crypto community. A trader named Vida shared their experience, revealing that their account was locked and trading profits frozen. Screenshots of conversations with MEXC’s support were provided as evidence. These allegations suggest potential shady activities by the exchange, including forging liquidity and market making. Users are advised to exercise caution and consider withdrawing from MEXC. The exchange’s silence on social media further adds to the skepticism surrounding its practices.
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