MEXC crypto exchange linked to money laundering

[Coyster]

MEXC exchange: I don't know when I last used it. It's because of the demand for KYC; I decided to put a hold on it because I have other exchanges that I'm using without issues.

In your other substitute exchanges, the ones you use without any "issues", do you have to pass KYC in them? I guess you do, if they are centralized exchanges, so i'm wondering what's the difference between those exchanges and MEXC, nothing i guess.

so it supposed to be surprising when they end up being somehow connected to money laundering themselves.

If you run a thorough investigation of every crypto exchange and money service business, nearly all of them would have links to money laundering and sanctions violations, either wilfully or unintentionally. MEXC isn't the first and would not be the last. Even the Bank Of America was recently fined $1.2b for money laundering and sanctions violations.

[Karl_3000]

I would have posted this here: https://bitcointalk.org/index.php?topic=5599137.msg67320437#msg67320437

But I think it is a very important information that should be shared separately. Do not just send coins from MEXC to another exchange. Either you should not send it or investigate that the exchange accepted transactions from and to MEXC.

You know what happened already.

Binance has stopped its users to send coins to and from MEXC. Maybe other exchanges might join soon.



I am locking this topic for you to continue discussing it on the other thread.

[Richbased]

I don't like this exchange right from the start because they are too strict with their KYC. Not only that, their terms and conditions are too harsh on users. I have seen more than two people who use the exchange complain about account restrictions due to suspicious activity related to money laundering or requests for proof of the source of their funds. All of these are telling us to be more careful and take enough caution when using a centralized platform for our asset holdings in cryptocurrency. Anything can happen, and they may use that against us by denying us access to our coins on their platform.

I also faced same strict KYC verification in 2024 when I tried to register on the exchange, I made several attempts to verify KYC but it didn't work so I just discarded the exchange. I didn't even recall the such exchange exists till now that this issue of money laundering. I don't even know why anyone who has been in the crypto space for long will consider exchanges that are not in the top 5 because I believe the top 5 exchanges cannot find themselves in cases like this and even though they suffered hacks but they were still able to curtail the situation. I heard that Binance has suspended transactions with MEXC exchange, I like how Binance responds swiftly to troubling situations.

[EL MOHA]

I also faced same strict KYC verification in 2024 when I tried to register on the exchange, I made several attempts to verify KYC but it didn't work so I just discarded the exchange. I didn't even recall the such exchange exists till now that this issue of money laundering. I don't even know why anyone who has been in the crypto space for long will consider exchanges that are not in the top 5 because I believe the top 5 exchanges cannot find themselves in cases like this and even though they suffered hacks but they were still able to curtail the situation. I heard that Binance has suspended transactions with MEXC exchange, I like how Binance responds swiftly to troubling situations.

What was the basis for your criteria for the top five exchanges I think it’s base on market cap or trading volume which we all know changes, yes Mexc doesn’t actually have the popularity and reputation that was needed to actually be a top five exchange but they were definitely a time this same Mexc actually had large trading volume then and got to that top five ranks on trading volume.

This rise wasn’t surprising because they were using the high leverage trading to lure in many perpetual traders and also they were usually one of the first centralized exchanges that all this pump and dump coins or tokens got listed on. It’s surprising seen them having this strong allegations on them

[Audrey Simmons]

Binance has stopped its users to send coins to and from MEXC. Maybe other exchanges might join soon.

Binance did what was best for them by removing anything that links them to MEXC. I also think other exchanges might follow suit, the accusation is a big one, i don't blame any exchange that wants to dissociate itself from anything that has to do with MEXC.

What happens if someone ignorantly deposits into Binance from their MEXC account, what are the consequences?

[MisFoxie]

I used MEXC a few months ago. I hope I won't get flagged in my other exchange accounts because of those transactions.

Even before MEXC froze the funds of many ordinary users. Mainly whenever a large amount of funds was transferred from another exchange to their exchange, they would freeze it. Only those who went viral by tweeting about MEXC could get out from this. They would ask for documents that made no sense at all. For example they asked one person to provide a bank statement that had no connection to those funds or transactions.

[Charles-Tim]

Binance did what was best for them by removing anything that links them to MEXC.

Binance that was linked to money laundering that got CZ 4 months in prison. It will not be funny if Binance is also seen with the same and other exchanges sanction Binance.

I used MEXC a few months ago. I hope I won't get flagged in my other exchange accounts because of those transactions.

No.

Also know that some exchanges may not do the same as you can see with HTX. Some exchanges still accept transactions from HTX.