German Regulator Warns Consumers About MEXC's Crypto Custody

The Federal Financial Supervisory Authority warned consumers that the MEXC exchange has been offering financial services without authorisation to do so.

AccessTimeIconOct 19, 2023 at 8:28 a.m. UTC
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Germany’s Federal Financial Supervisory Authority (BaFin) warned consumers about the MEXC exchange offering financial services on its website without the required authorization on Tuesday.

MEXC’s crypto custody services need to be authorized with BaFin. “Financial services may only be offered in Germany if the company providing these services has the necessary authorization from BaFin to do this,” the regulator said on its website.

MEXC has also received a warning from another regulator. In April, Japan’s Financial Services Agency said in a warning letter that MEXC Global had been operating in the country without the necessary registration.

Edited by Parikshit Mishra.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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