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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.