Caution Investors MEXC.com – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Overview
If you are looking for a reliable and trustworthy crypto exchange, you might want to steer clear of MEXC.com. This platform has been recently flagged by the Financial Market Authority (FMA) of Austria for operating without a proper license and engaging in fraudulent or manipulative practices. In this blog post, we will review the details of the FMA warning, the customer feedback, and the products and services offered by MEXC.com.
Regulation and Compliance:
The FMA is the regulator of the financial market in Austria, responsible for ensuring the stability, transparency, and fairness of the sector. The FMA also protects the interests of consumers and investors by issuing warnings and sanctions against unlicensed or fraudulent entities.
On 10 Oct 2023, the FMA published a warning on its website (https://www.fma.gv.at/en/mexc/) stating that MEXC.com is not authorized to conduct banking transactions in Austria that require a license. Specifically, the FMA said that MEXC.com is not permitted to trade on a commercial basis on its own account or on behalf of others, which is a violation of Article 1 para. 1 no. 7 of the Austrian Banking Act (BWG; Bankwesengesetz).
The FMA also said that MEXC.com may be involved in insider dealing, market manipulation, misrepresentation of material information, or other illegal activities. The FMA urged consumers and investors to exercise caution when dealing with MEXC.com and to report any suspicious transactions or incidents to the FMA.
Customer Reviews:
A quick search on the internet reveals that MEXC.com has a poor reputation among its users. Many customers have complained about the platform’s low liquidity, high fees, slow withdrawals, poor customer service, and frequent technical issues. Some customers have also reported losing their funds or being scammed by MEXC.com.
For example, one customer wrote on Trustpilot: “MEXC is a scam. They locked my account without any reason and asked me to send them my ID and selfie. I did that but they still didn’t unlock my account. They are holding my money hostage and ignoring my emails. Stay away from this exchange.”
Another customer wrote on Reddit: “MEXC is a joke. They have no liquidity, no volume, no support. Their website is always down or glitchy. Their fees are ridiculous. They charge you for deposits, withdrawals, trading, everything. They also have fake trading bots that manipulate the prices and make you lose money. Don’t waste your time with this exchange.”
Products and Services:
MEXC.com claims to be a global crypto exchange that offers spot trading, margin trading, futures trading, options trading, staking, lending, and other services. The platform supports over 300 crypto assets, including Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, Polkadot, Solana, and more.
However, as we have seen from the FMA warning and the customer reviews, MEXC.com is not a reliable or trustworthy platform. The platform may not have adequate security measures, liquidity providers, customer support, or legal compliance. The platform may also engage in fraudulent or manipulative practices that harm its users.
Location:
MEXC.com does not disclose its physical location or its legal entity on its website. The only contact information provided by the platform are two email addresses: [email protected] and [email protected]. The platform also has social media accounts on Twitter, Telegram, Facebook, Instagram, YouTube, Medium, and LinkedIn.
However, these channels do not provide any useful information about the platform’s background, team, vision, or mission. The platform also does not have any official partnerships or affiliations with any reputable organizations or institutions.
Customer Service:
MEXC.com claims to offer 24/7 customer service via email and live chat. However, many customers have reported that the platform’s customer service is unresponsive, rude, or incompetent. Many customers have also said that the platform does not honor its refund policy or its compensation scheme.
For example, one customer wrote on Trustpilot: “MEXC has the worst customer service ever. They never reply to your emails or chat messages. They don’t care about your problems or complaints. They just want your money and then they ignore you.”
Another customer wrote on Reddit: “MEXC owes me $5000 in compensation for their system error that caused me to lose my funds. They promised to pay me back but they never did. They keep giving me excuses and delays. They are liars and thieves.”
Conclusion:
MEXC.com is a crypto exchange that you should avoid at all costs. The platform has been warned by the FMA of Austria for operating without a license and engaging in fraudulent or manipulative practices. The platform also has a poor reputation among its users, who have complained about its low liquidity, high fees, slow withdrawals, poor customer service, and frequent technical issues. The platform also does not disclose its location or its legal entity and does not have any official partnerships or affiliations.
