MEXC reportedly cracks down on users from China with no KYC

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Crypto alternate MEXC has reportedly initiated a crackdown on unverified customers suspected to be from mainland China.

In response to Chinese language blockchain journalist Colin Wu, citing sources inside the native crypto group, MEXC has begun imposing restrictions on accounts of customers from mainland China who haven’t accomplished the KYC (Know Your Buyer) verification.

Whereas the precise purpose behind this motion stays undisclosed, affected customers are purportedly left with solely the choice to shut their buying and selling orders and withdraw their crypto to various exchanges.

As of press time, MEXC has not issued any official statements relating to the matter.

The transfer comes after the Securities and Futures Fee of Hong Kong issued a warning relating to an alleged rip-off involving imposters making an attempt to imitate MEXC’s operations inside the area.

The Hong Kong regulator suspects that victims had been enticed to take part in social media or immediate messaging discussion groups below the guise of receiving free funding recommendation. These expressing curiosity in buying cryptocurrencies had been allegedly directed to web sites purportedly “operated by MEXC.”

On the time of writing, MEXC seems to be among the many few exchanges which have but to implement obligatory KYC necessities for his or her prospects, regardless of the worldwide crackdown on unregulated crypto buying and selling.

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