Traders report frozen assets, account suspensions on MEXC

Crypto exchange MEXC has reportedly suspended the accounts of several traders and seized their funds, according to multiple reports on X (formerly Twitter). The exchange said the actions were caused by “unusual trading activities”.

MEXC users have been complaining about account restrictions since December 16. On X, pseudonymous trader Vida revealed a loss of $92,000 in Tether (USDT) tokens on the MEXC futures market following gains from several recent trades over a 15-day period. “I contacted support and submitted documents, and on the second day, the funds in my account were completely cleared along with my order history,” they wrote.

Vida's shared screenshots show that MEXC's support team acknowledged that their risk monitoring system had flagged the problem on the exchange, which was later investigated by the exchange's staff. According to the MEXC report:

“Our risk control system and relevant authorities have conducted a thorough investigation regarding the account restrictions and future business/property concerns you have raised. We have identified unusual trading activities on your account and related accounts. We have taken steps to recover the losses incurred in accordance with the terms of use.”

In the past few days, many traders have issued similar reports. According to a user who has been experiencing problems since September, their exchange account was suspended following an $8,000 trade. According to this user, other friends who trade with MEXC have also experienced the same problem in the past weeks.

“In terms of the amount of blocked friends in the group around me, it is close to 10%,” he wrote.

Cointelegraph reached out to MEXC, but did not receive an immediate response.

MEXC's Terms of Service states that the Exchange “has the right to investigate any violation of this Agreement, to unilaterally determine whether you have violated this Agreement, and to take action in accordance with applicable laws without your consent or prior notice.”

As a rule, examples of such actions include blocking and closing warrant requests, terminating accounts, reporting incidents to authorities, publishing suspected violations and actions taken, and deleting any violation information.

MEXC in 2010 It is a centralized cryptocurrency exchange established in 2018 and headquartered in Seychelles. According to the website, business services are not available in the US, Canada and China. The exchange offers trading on more than 2,000 pairs.

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