MEXC forced you to do KYC?

[hugeblack]

I am automatically receiving email's notification on my phone on all my emails on the phone. I did not see such email from MEXC.

I have at least 5 MEXC accounts, but I did not see it on any of my email accounts.

Why do you need 5 accounts? This alone is enough to ban your accounts, or at least report them as accounts with high financial activity, thus releasing restrictions and requiring an additional KYC compared to those who have one account.

[whiteblue]

I have been using MEXC since few years ago, but I wanted to withdraw small amount of coin on the exchange, I was unable to do that and I was requested to complete primary KYC which will require personal documents like national ID card, intentional passport or driver's license.

Exchanges like Binance, Bybit and some other ones do not force people to verify but leave an option to withdraw all your coins  when they made KYC mandatory, but MEXC did not do like that but forcing customers.

The exchange icon has also changed to Binoculars which can signify something. Anyone from any countries are now requested KYC if they send money to the exchange.

This is just to let people know that they should not send money to MEXC if they do not want compulsory KYC verification.

Many traders have already experienced the negative side of MEXC's performance.

They often freeze user funds for unclear reasons, Such as claiming your funds are being held because money laundering, even though the deposit was only $30.

Furthermore, KYC verification is sometimes just an excuse, when you complete KYC verification, they always come up with other reasons to withhold your funds.

I think you should leave MEXC, their reputation is bad enough.

I provided some examples of the negative aspects of MEXC that I encountered at X.

[Oshosondy]

I am automatically receiving email's notification on my phone on all my emails on the phone. I did not see such email from MEXC.

I have at least 5 MEXC accounts, but I did not see it on any of my email accounts.

Why do you need 5 accounts? This alone is enough to ban your accounts, or at least report them as accounts with high financial activity, thus releasing restrictions and requiring an additional KYC compared to those who have one account.

I totally disagree with this because I did not do anything wrong. Bitget, Gate and many other exchanges allow users to open up to or more than 5 accounts and it is KYC. If MEXC wanted me to linked the accounts, there is no problem but they only allow 2 accounts to get verified.

There was one that was changed to withdraw only when I mistakenly left my VPN on. Either I get verified or I will not be able to deposit, trade or use other services. There was an option to get verified to make deposit, trading and the other services possible again, but I decided not to get verified. I registered another MEXC account instead which was my second account.

If you have been following what I am posting on trading discussion last year or last two years, I mention something called grid trading. I opened three accounts on MEXC for it, but I later find it not convenient and started using three different exchanges for it because opening apps is easier for me than opening different accounts on MEXC for the grid trading.

There was a trading bet between Don Pedro Dinero and I that I opened a new account on MEXC for it.

[hosemary]

I totally disagree with this because I did not do anything wrong.

You did. You broke the user agreement.

Bitget, Gate and many other exchanges allow users to open up to or more than 5 accounts and it is KYC.

I haven't read these exchanges terms, but even if they allow you to have hundreds of accounts, that has nothing to do with MEXC. In MEXC, you are not allowed to have more than two accounts.

[Oshosondy]

I totally disagree with this because I did not do anything wrong.

You did. You broke the user agreement.

Bitget, Gate and many other exchanges allow users to open up to or more than 5 accounts and it is KYC.

I haven't read these exchanges terms, but even if they allow you to have hundreds of accounts, that has nothing to do with MEXC. In MEXC, you are not allowed to have more than two accounts.

I have made a mistake not to differentiate between main accounts and sub accounts. All the accounts that I am referring to is one main account and followed by subaccounts. But the subaccounts can be in a way that you can create email for them also. This is what I am also explaining about Bitget and Gate.

[Strongkored]

I think you should leave MEXC, their reputation is bad enough.

Their reputation may be poor, but while they haven't mandated KYC, this exchange is a good trading option for those who don't want to undergo KYC, but we know KYC compliance is only a matter of time, as it's impossible for CEXs to exempt their users from KYC.
After forcing KYC on its users, it's certainly worth considering leaving this exchange.

[Oshosondy]

I think you should leave MEXC, their reputation is bad enough.

Their reputation may be poor, but while they haven't mandated KYC, this exchange is a good trading option for those who don't want to undergo KYC, but we know KYC compliance is only a matter of time, as it's impossible for CEXs to exempt their users from KYC.
After forcing KYC on its users, it's certainly worth considering leaving this exchange.

What is funny is that there are privacy people that may leave the exchange, but the exchange trading volume may not reduce or it may later increase. This is what I have noticed about people, not what I think about it.

Another reason some people may like the exchange, out of many exchanges that I am using, most new coin got listed on MEXC first before getting list on some other exchanges. This could be the reason some people may like the exchange if they are the type that like to risk their money on new coins that latter become listed on an exchange.

But I am looking for another exchange that I can trade without KYC, it is very possible I will move to Hyperliquid which is not very centralized like these exchanges but more on the decentralized part.

[Peanutswar]

I just regularly using before the MEXC and afterwards making a deposit through my wallet I tried to swap to stable coins so I can make trade when there is an opportunity but apparently its just lock and there is a prompt about "Risk Control"  they hold my funds for over two weeks I keep doing an appeal where my funds came from which is requires me to mandate submit my KYC just to withdraw my funds, and roughly they open my chance to withdrawn my funds but I cant swap either just this feature only and gives me almost one or two weeks if I remembered correct and they will said im no longer can use their platform reason I shifted other exchange.

[NotATether]

I just regularly using before the MEXC and afterwards making a deposit through my wallet I tried to swap to stable coins so I can make trade when there is an opportunity but apparently its just lock and there is a prompt about "Risk Control"  they hold my funds for over two weeks I keep doing an appeal where my funds came from which is requires me to mandate submit my KYC just to withdraw my funds, and roughly they open my chance to withdrawn my funds but I cant swap either just this feature only and gives me almost one or two weeks if I remembered correct and they will said im no longer can use their platform reason I shifted other exchange.

Yeah these exchanges have always been getting out of hand.

That is why I believe aml checking needs to be done by the wallet so that you know what you're sending to the exchange before you hit "send".

And to avoid problems like this in the future.

[hosemary]

That is why I believe aml checking needs to be done by the wallet so that you know what you're sending to the exchange before you hit "send".

What do you mean by "aml checking needs to be done by the wallet"?
Assume that you are making a transaction through electrum? Are you saying electrum should warn you about the risk of being accused of money laundering before making transaction? Why should electrum or any other wallet be reponsible for such things?


There's always the possiblity that centralized exchanges like MEX ask you for KYC regardless of source of funds.

[NotATether]

What do you mean by "aml checking needs to be done by the wallet"?
Assume that you are making a transaction through electrum? Are you saying electrum should warn you about the risk of being accused of money laundering before making transaction? Why should electrum or any other wallet be reponsible for such things?


There's always the possiblity that centralized exchanges like MEX ask you for KYC regardless of source of funds.

Electrum has plugin support now, well it has always had it but now they made it easier to install plugins.

It should not be difficult for a third party developer with such an API to implement such support and publish it to the plugin repository.

[Oshosondy]

What do you mean by "aml checking needs to be done by the wallet"?
Assume that you are making a transaction through electrum? Are you saying electrum should warn you about the risk of being accused of money laundering before making transaction? Why should electrum or any other wallet be reponsible for such things?


There's always the possiblity that centralized exchanges like MEX ask you for KYC regardless of source of funds.

Electrum has plugin support now, well it has always had it but now they made it easier to install plugins.

It should not be difficult for a third party developer with such an API to implement such support and publish it to the plugin repository.

Checking if address is labelled bad can also be done on AML checkers on their party websites and some can be on Telegram if you trust the service. It does not need to necessarily be on the noncustodial wallet, but I noticed that they can be a paid services.

[NotATether]

Checking if address is labelled bad can also be done on AML checkers on their party websites and some can be on Telegram if you trust the service. It does not need to necessarily be on the noncustodial wallet, but I noticed that they can be a paid services.

Well yes, I do know that, but I never really liked the Telegram bots for this purpose because there was always the danger of your Telegram account getting hacked or banned.

The website idea is better than Telegram - I actually run one myself, but I can see the advantage in user experience of having all of your own addresses checked automatically and then the little meter and numbers being displayed next to it.

[UmerIdrees]

I have made a mistake not to differentiate between main accounts and sub accounts. All the accounts that I am referring to is one main account and followed by subaccounts. But the subaccounts can be in a way that you can create email for them also. This is what I am also explaining about Bitget and Gate.

In that case, you will be receiving the KYC email on the primary account and not on any of the random 5 emails that you used to create sub accounts.

I have at least 5 MEXC accounts, but I did not see it on any of my email accounts.

Also, MEXC isn't asking for KYC for all accounts, it's only asking for selective accounts, and there is nothing new in that. You may be required to complete the KYC any day, or maybe never, we don't know.

[JoyMarsha]

Coming to learn about this new development from Mexc is not surprising to me because I have known that Mexc will one day demand KYC, and the condition that will follow it will be shocking.

Well, Mexc exchange, I have a few altcoins with them of less value. I will do my KYC when I am ready to withdraw not when the coins are of less value currently.

[DubemIfedigbo001]

Platforms like MEXC gained popularity by being noKYC-compliant, and their current practices make them more likely to be scammer than viable platforms for future competition.

A a lot of people I know stopped using it already since they deployed that very tactics to get people to complete KYC in their platform. Most people only added their KYC to get their coins released before withdrawing them all and exiting the platform. That was a very bad approach to implement KYC and a rude way to treat clients. People had funds there and when they pulled that stunts, most people had to withdraw their funds from there because pulling such a stunt shows clearly that they're capable of more in the future and there's a possibility of losing funds on their platform.

[logfiles]

A a lot of people I know stopped using it already since they deployed that very tactics to get people to complete KYC in their platform. Most people only added their KYC to get their coins released before withdrawing them all and exiting the platform. That was a very bad approach to implement KYC and a rude way to treat clients. People had funds there and when they pulled that stunts, most people had to withdraw their funds from there because pulling such a stunt shows clearly that they're capable of more in the future and there's a possibility of losing funds on their platform.

When a crypto exchange behaves in such a manner from a genuine point of view, there is a very high that they got a warning or something like that from a regulator or Law Enforcement. They obviously won't announce that the got any notice or warning but will rush to implement what is necessary
The standard procedure should however be asking for users to verify their accounts and for those who don't wish to verify can just withdraw their funds and close the accounts and not just forcing every one to undergo KYC verification before their funds are released. I guess the trend is changing.

[salad daging]

When a crypto exchange behaves in such a manner from a genuine point of view, there is a very high that they got a warning or something like that from a regulator or Law Enforcement. They obviously won't announce that the got any notice or warning but will rush to implement what is necessary

The warnings from regulators will never be made public as this is something their internal team knows, whereas users only receive warnings from the exchanges themselves that KYC has become mandatory even for small withdrawals.

The standard procedure should however be asking for users to verify their accounts and for those who don't wish to verify can just withdraw their funds and close the accounts and not just forcing every one to undergo KYC verification before their funds are released. I guess the trend is changing.

Actually now the MEXC exchange is still implementing mandatory KYC or is it still in the gray area? Such as new users do not need KYC if transactions/withdrawals are within a certain limit?

I don't think there is an exchange like now, where you explained the user does not want to verify can withdraw funds and then close the account, the exchange will but require even if it is not a large amount of withdrawal, most exchanges now, to make the first deposit alone must present their KYC.

[MadSl1m]

Calling it a scam misses what's happening. MEXC tightened to act like a regulated VASP: the unverified withdrawal ceiling dropped to about 1,000 USDT a day, past that you need primary KYC. The "let you pull everything out first" that Binance and Bybit offered was goodwill, not a rule. Hopping to the next no-KYC CEX just resets the clock, every regulated exchange lands here. The only KYC-proof layer is self-custody and on-chain.

[logfiles]

Calling it a scam misses what's happening. MEXC tightened to act like a regulated VASP: the unverified withdrawal ceiling dropped to about 1,000 USDT a day, past that you need primary KYC. The "let you pull everything out first" that Binance and Bybit offered was goodwill, not a rule. Hopping to the next no-KYC CEX just resets the clock, every regulated exchange lands here. The only KYC-proof layer is self-custody and on-chain.

It's a scam tendency. Why allow users to make a deposit without asking them for KYC verification and then when they want to pull out their money they have to first do KYC? What if they fail the KYC verification? Does that mean the funds now belongs to the exchange?

What Binance and Bybit did should be the acceptable standard. If I don't agree to the new terms, I should be allowed to move out my funds and close the account. Not holding my funds to force me to first send them my documents.