Unauthorized Crypto Custody: BaFin Cautions Consumers About MEXC

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Fredrik Vold

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Fredrik Vold

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October 19, 2023 14:04 EDT

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Germany’s Federal Financial Supervisory Authority (BaFin) has warned consumers about the crypto exchange MEXC, saying it is offering crypto-related financial services “without the authorization.”

“BaFin investigates the company MEXC,” the title of the warning published on the German regulator’s website on Thursday said.

It added:

“The Federal Financial Supervisory Authority (BaFin) warns consumers about the company MEXC and the services it is offering.”

The warning further made it clear that financial services “may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this.”

MEXC has so far not commented on the news that it is being investigated by BaFin, and no other details are currently known.

MEXC is one of the top 20 largest crypto exchanges in world by spot trading volume, according to CoinMarketCap’s ranking of exchanges.

The exchange had a spot trading volume of close to $800 million over the past 24 hours as of press time.