CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

MEXC pulls out of four countries despite ambitious plan to rival global trading giants

CryptoSlate logo

Published on

Add as a preferred source on Google
MEXC pulls out of four countries despite ambitious plan to rival global trading giants

The crypto exchange is withdrawing from France, the Netherlands, Russia and Belarus while expanding into tokenized stocks and exploring a partnership with Kraken's parent.

Crypto exchange MEXC is withdrawing from France, marking its fourth country-level retreat since September as its new chief executive pursues an ambitious global expansion.

The exchange said in an Oct. 28 notice that it would gradually discontinue services to French customers, automatically close outstanding trading positions by Jan. 22, 2027, and terminate withdrawals on March 5.

The decision extends a series of market exits under CEO Vugar Usi, who is seeking to transform the platform from a cryptocurrency exchange associated with memecoin speculation into a broader trading business offering tokenized equities, commodities and prediction markets.

MEXC began the latest withdrawals with the Netherlands on Sept. 29, citing regulatory developments in the European Economic Area. It subsequently announced the discontinuation of services to customers in Russia and Belarus on Oct. 20 as part of its global compliance efforts.

The retreat from France is particularly significant because the country's financial regulator, Autorité des Marchés Financiers (AMF), blacklisted MEXC in June 2024 for offering financial services without the required authorization.

The latest withdrawal also comes as Europe's Markets in Crypto-Assets Regulation (MiCA) imposes authorization requirements on cryptocurrency service providers, increasing the pressure on exchanges operating without the necessary regulatory approvals.

MEXC said French customers would face restrictions in four batches beginning Nov. 18, preventing them from opening new positions or making additional deposits once their assigned restrictions take effect.


Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.