Reportedly, MEXC tightens regulations on Chinese users lacking KYC compliance

Reportedly, MEXC tightens regulations on Chinese users lacking KYC compliance

Crypto Exchange MEXC Cracks Down on Unverified Users from Mainland China

Crypto exchange MEXC has taken action against unverified users suspected to be from mainland China. According to Chinese blockchain journalist Colin Wu, MEXC is imposing restrictions on accounts of users from mainland China who have not completed the KYC (Know Your Customer) verification. The exact reason behind this crackdown is undisclosed, but affected users are left with the option to close their trading orders and withdraw their crypto to alternative exchanges. MEXC has not yet issued any official statements regarding this matter.

Impersonation Scam Warning in Hong Kong

The crackdown comes after the Securities and Futures Commission of Hong Kong warned about an alleged scam involving imposters trying to mimic MEXC’s operations. The scam targeted victims through social media or instant messaging chat groups, offering free investment advice. Those interested in purchasing cryptocurrencies were directed to websites claiming to be operated by MEXC. MEXC is one of the few exchanges that have not yet implemented mandatory KYC requirements for customers, despite the global crackdown on unregulated crypto trading.

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