Many crypto Investors claim MEXC Crypto Exchange doing scams with customers

Many MEXC exchange users jumped against MEXC exchange, as the exchange froze their accounts without proper clarification.

MEXC Global is an averagely popular crypto exchange known for crypto trading services. This exchange was founded in 2018 and to date, its services are available in more than 150 countries. This exchange is mainly popular in Singapore and Seychelles. 

In the last few days, many MEXC customers jumped against MEXC exchange’s services and claimed that the exchange was involved in suspicious activities.

A MEXC customer by the name Vida on X (formerly Twitter) claimed that the exchange froze his account which has a trading profit of $92,000. 

This user shared a conversation screenshot with the exchange’s support agent and showed how they’re refusing to provide clarification behind this action.

The support agent simply said that his account was involved in abnormal trading activities, while they failed to explain why they wiped out the history of trading activities associated with his account.

According to this person this exchange often bets against the user’s trades, playing the role of market makers themselves. However, if a trader makes too much profit, they become a problem for the exchange.

Many people joined this controversial matter and reported that they faced similar kinds of incidents with the exchange & also their cases the exchange failed to provide any proper reason behind the account seizure.

In the past similar kinds of incidents were faced by the Bitcoin traders on the Mt.Gox exchange and after that reports revealed the exchange was hacked & tried to hide the hacking incidents by manipulating the trade history of the customer’s accounts. Later Mt.Gox went bankrupt.

In this situation, the majority of the people in the crypto community are comparing the MEXC exchange with FTX, a second-ranked  crypto-exchange that went bankrupt in Nov 2022. 

Following these negative reports about the MEXC exchange, the trade price of the MEXC’s native token MX crashed 4.5%. 

Read also: Coinbase dismisses Senator Warren’s allegations of misusing power of ex-govt officials