MEXC addresses concerns over deleted CEO account and withdrawal issues

abdelaziz Fathi

Cryptocurrency exchange MEXC has tried to address public concerns following the deletion of a Twitter account named “MEXC_CEO” and reports of frozen accounts and withdrawal issues.

The deleted account, previously believed to be associated with the exchange’s CEO John Chen Ju, sparked fears among users about the stability of the exchange. MEXC is one of the largest cryptocurrency exchanges in the world, with a daily trading volume of over $2 billion.

MEXC clarified that while the Twitter account had once been used officially to promote the exchange, the original CEO associated with it left the company in July 2022. Since then, the individual linked to the account had no actual connection with MEXC. The exchange acknowledged that the lack of a formal announcement about these changes led to confusion and misunderstanding when the account was abruptly deleted.


Amid these concerns, MEXC has also been dealing with allegations of freezing traders’ accounts and impeding withdrawals. Reports emerged last week of users experiencing difficulties withdrawing cryptocurrencies, particularly Kaspa (KAS) tokens, and having their accounts frozen. These issues have added to the anxiety among the exchange’s users.

In response, MEXC attempted to reassure its customers, stating that the exchange is operating smoothly and all systems are normal. They have urged users not to be swayed by rumors or misinformation, asserting their opposition to defamation and the spread of false information.

However, the situation has been compounded by multiple reports from traders alleging that their accounts were frozen and funds seized due to “abnormal trading activities.” One user, Vida, claimed a loss of $92,000 in Tether tokens after profiting from trades on MEXC’s futures market. According to Vida, the support team at MEXC acknowledged that their risk control system flagged a problem with the trades, leading to an investigation by the exchange.

These incidents have raised concerns among MEXC users, with some reporting similar problems dating back to September. One user noted that approximately 10% of their trading group had experienced account blocks.

MEXC is a centralized cryptocurrency exchange that was founded in 2018. It is headquartered in Singapore and has offices in a number of other countries, including Estonia, Australia, and the United States. MEXC offers a wide range of services, including spot trading, margin trading, futures trading, and staking. It also has a number of unique features, such as a launchpad for new cryptocurrency projects and a copy trading platform.

  • Read this next

    Institutional FX, Uncategorized

    Why retail brokers are launching prime services

    Insights are provided by leading industry experts, including Elina Pedersen, Co-CEO & CRO of Your Bourse; Andrew Saks, Chief Product Officer at TraderEvolution; Natalia Zakharova, Head of Business Development at FXOpen; and Jay Mawji, CEO of Infinox.

    Institutional FX

    Cboe to launch MSCI-based options and volatility indices

    “We are excited to expand our Cboe-MSCI toolkit with additional index options and volatility indices – an enhancement that will not only broaden our customers’ product choice, but also enrich the ways they interact with and analyze the global markets.”

    Fintech

    Traxys taps Quantifi for risk management in commodities trading

    “We wanted to take a more sophisticated approach to risk management and have a consolidated view of risk exposures across our global operating model. Quantifi was our preferred choice as it has a track record of success in the commodities markets.”

    Digital Assets

    Startale Labs Secures Funding for Web3 Expansion

    Startale Labs, a leader in Japan’s Web3 development, including Astar Network and Startale Web3 Cloud, has raised an additional $3.5m from UOB Venture Management and Samsung Next. This seed extension round boosts their total seed funding to $7m, following a $3.5m investment from Sony Network Communications in June 2023.

    Retail FX

    XS.com acquires South African broker Ubutyebi Financial Services

    XS.com, the multi-regulated financial services provider, has made a strategic move to expand its presence in Africa by acquiring Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) in South Africa regulated by the Financial Sector Conduct Authority (FSCA).

    Digital Assets

    Hong Kong advances legislation on stablecoins and crypto trading

    Hong Kong is moving forward with legislation to regulate stablecoins and crypto over-the-counter (OTC) trading in the latest effort to develop a legal framework to service the city’s digital-asset industry.

    Digital Assets

    Do Kwon to be extradited to US as South Korea request overturned

    Terraform Labs co-founder Do Kwon is set to be extradited to the United States to face fraud charges related to massive losses suffered by U.S. investors due to its algorithmic stablecoin collapse.

    Retail FX

    Prop firm Instant Funding pauses US accounts, citing ThinkMarkets ban

    Proprietary trading firm Instant Funding has become the latest retail platform to halt onboarding new US clients, citing a recent decision by their partner broker, ThinkMarkets.

    Retail FX

    Funded Trader and Alpha Capital switch to cTrader, Lark Funding to DXTrade

    Proprietary trading firms Lark Funding and Alpha Capital have both announced changes to their operations that mainly affect their business with US clients.

    <