Beware of MEXC! Blocking withdrawals and accounts!

[bitmover]

I opened a ticket and they answered me very quickly, within 2 hours they told me to confirm the deposit address and they would get back to me, but it could take up to 2 months 
I'll wait and update you when I have new information.

Mexc looks a good exchange

The problem is that i have seen so many exchanges like mexc just disappear with people's money that I am very paranoid now... Mtgox  ftx negociecoins are just first ones that comes to my mind.

[Stuart]

https://cointelegraph.com/news/traders-report-frozen-assets-account-blocks-mexc
rypto exchange MEXC has allegedly frozen several traders’ accounts and seized their funds, according to multiple reports on X (formerly Twitter). The exchange claims the actions were motivated by “abnormal trading activities.”

MEXC’s users have been complaining about account restrictions since Dec. 16. On X, the pseudonymous trader Vida revealed a loss of $92,000 in Tether
USDT
tickers down
$0.9986
 tokens, following profits from multiple recent trades over 15 days in MEXC’s futures market. “I contacted the support and submitted documents, and then the second day, funds in my account were TOTALLY WIPED OUT along with the order history,” they wrote.

I have some shitcoins there! I will withdrawal all of them now! I will keep you guys informed if I was able to.
I will convert all of them to XRP and move it to my personal wallet , as XRP is easy and cheap to withdrawal, and it is in a nice trend.

Why will they do such, were there terms and conditions that they failed to obey before such actions was taken up on the traders in their exchange platforms? If there is no reason for such an action, then the reputation of the exchange will slowly blur away. When bad reputation of an exchange or any platform goes to X, then it is really not going to be easy if there are more than 2-3 witnesses of same scenario on same platform.

I don't trade there, but this is a red flag to MEXC, it will reduce the interest of new users coming to join their exchange.

A quick safety is needful for those who has big holdings there, they should move it out, something is going fishy about them, except there comes a positive stand from the MEXC team.

[Z-tight]

Thanks for the warning, it is no longer a new thing to experience something like this with centralized exchanges, that is why whenever news like this spreads, it is always recommended to move your funds out immediately, even if you believe it is a 'reputable' exchange. So many reputable exchanges have gone bankrupt and collapsed.

[|MINER|]

I probably used MEXC at the beginning of their journey, I can't remember exactly, but I probably used them around the time they launched their promotional campaign on the bitcointalk forum.
But even then, I used them until they allowed me to use them without kyc verification. And now I'm avoiding them because they ask me for KYC verification. However, now that I see these news, it seems like I did the right thing.

[rdluffy]

I probably used MEXC at the beginning of their journey, I can't remember exactly, but I probably used them around the time they launched their promotional campaign on the bitcointalk forum.
But even then, I used them until they allowed me to use them without kyc verification. And now I'm avoiding them because they ask me for KYC verification. However, now that I see these news, it seems like I did the right thing.

Is MEXC requiring KYC on your account?
Or just suggesting it?

Because at least for me, they only suggest KYC but it's not mandatory

[|MINER|]

Is MEXC requiring KYC on your account?
Or just suggesting it?

Because at least for me, they only suggest KYC but it's not mandatory

Yeap they asked me to full fill the KYC verification. I also have a friend that he is also said he don't did the KYC verification even then he can do the withdraw.
I don't know in my case why they ask me  KYC verification. Also in a purpose I have a created multiple account on MEXC exchanger on the time maybe that could be also a cause. But what were I just avoid them from that case.

[Mr. Magkaisa]

Thanks for the warning, it is no longer a new thing to experience something like this with centralized exchanges, that is why whenever news like this spreads, it is always recommended to move your funds out immediately, even if you believe it is a 'reputable' exchange. So many reputable exchanges have gone bankrupt and collapsed.

              -      So it's up to us whether we give our trust to an exchange, because we can't not give our trust or else we won't be able to convert
the crypto assets we hold into our fiat.

So always do your own research before investing money, that's how it is in the world of the crypto industry.
Even on Dex platforms, we should do the same.

[rdluffy]

However, I needed to make a deposit of 111 dollars in USDT on the APTOS network and MEXC supports this network
I ended up depositing USDT (layerZero) which is a bridge token, instead of the USDT that MEXC uses, so the deposit was “lost”

I opened a ticket and they answered me very quickly, within 2 hours they told me to confirm the deposit address and they would get back to me, but it could take up to 2 months 
I'll wait and update you when I have new information.

Just a quick update:
They still haven't returned the USDTs I sent the wrong way, however they are still on time

But the most important thing is that I had to use MEXC again, and I was able to withdraw normally
My account still has no KYC. I made 2 withdraws, on Optimism and Polygon network

[ropyu1978]

However, I needed to make a deposit of 111 dollars in USDT on the APTOS network and MEXC supports this network
I ended up depositing USDT (layerZero) which is a bridge token, instead of the USDT that MEXC uses, so the deposit was “lost”

I opened a ticket and they answered me very quickly, within 2 hours they told me to confirm the deposit address and they would get back to me, but it could take up to 2 months 
I'll wait and update you when I have new information.

Just a quick update:
They still haven't returned the USDTs I sent the wrong way, however they are still on time

But the most important thing is that I had to use MEXC again, and I was able to withdraw normally
My account still has no KYC. I made 2 withdraws, on Optimism and Polygon network

Have long time ago not using yet MEXC exchange after stopping from arbitrage trading, right now have KYC regulation for MEXC and its not allow for withdrawing without KYC?
Actually have much experienced with MEXC exchange and not get any problem yet when depositing or withdrawing fund, I have bit problem when deposit shiba inu coins but MEXC have suspend deposit for awhile after deposit opening back receive my coins without get problem, seems abnormal activities such as share by OP looks have difference IP access and make MEXC freeze fund and not ability for withdrawing assets.

[rdluffy]

Have long time ago not using yet MEXC exchange after stopping from arbitrage trading, right now have KYC regulation for MEXC and its not allow for withdrawing without KYC?
Actually have much experienced with MEXC exchange and not get any problem yet when depositing or withdrawing fund, I have bit problem when deposit shiba inu coins but MEXC have suspend deposit for awhile after deposit opening back receive my coins without get problem, seems abnormal activities such as share by OP looks have difference IP access and make MEXC freeze fund and not ability for withdrawing assets.

I'm using MEXC without KYC at the moment, and I'm able to do withdraw, no problem
I think right now the KYC is only an option, but not obligated

Bingx is another exchange without KYC (optional), but I like the withdraw fees of MEXC, it's very cheap compared to other exchanges

[DavetJack]

Have long time ago not using yet MEXC exchange after stopping from arbitrage trading, right now have KYC regulation for MEXC and its not allow for withdrawing without KYC?
Actually have much experienced with MEXC exchange and not get any problem yet when depositing or withdrawing fund, I have bit problem when deposit shiba inu coins but MEXC have suspend deposit for awhile after deposit opening back receive my coins without get problem, seems abnormal activities such as share by OP looks have difference IP access and make MEXC freeze fund and not ability for withdrawing assets.

I'm using MEXC without KYC at the moment, and I'm able to do withdraw, no problem
I think right now the KYC is only an option, but not obligated

Bingx is another exchange without KYC (optional), but I like the withdraw fees of MEXC, it's very cheap compared to other exchanges

Brother MXEC exchange is a good exchange for our small users to change tokens. But if we see that our big brothers use all exchanges with caution. Especially binance and kucoin exchanges are used more. Because these two exchanges have a lot of hardware and software. You said that you are trading there without doing MEXC exchange KYC, okay you can do it but if at some point you face any problem while trading then what will you do if they want your account details. Then you will have nothing to do. So I think MEXC, BINANCE, KUCOIN, and there are more exchanges, no matter which one we use, we should do KYC with the correct information.... Thank you

[Aanuoluwatofunmi]

Don't have much money with any centralized exchange, incase they may decide to freeze your account one day for any reason, it will not pain you much because you don't have much crypto asset on it, we should apply this same approach on other forms of centralized exchanges as well, think of using a  non custodial wallet and only go for a custodial one for trading purpose, having the danger and risk involved on mind.

[joniboini]

Because these two exchanges have a lot of hardware and software. You said that you are trading there without doing MEXC exchange KYC, okay you can do it but if at some point you face any problem while trading then what will you do if they want your account details.

What does having a lot of hardware and software mean? You mean they have a better system to handle customers requests? Speaking of KYC, the right thing that they could do is to let users withdraw if they don't want to do KYC. Afterall those are their money and them saying they own the money just because you deposit and not do KYC is a crazy rule. What we should do is to encourage others to use other exchanges so the competition will get better, if you don't want to look for decentralized options.

[rdluffy]

However, I needed to make a deposit of 111 dollars in USDT on the APTOS network and MEXC supports this network
I ended up depositing USDT (layerZero) which is a bridge token, instead of the USDT that MEXC uses, so the deposit was “lost”

I opened a ticket and they answered me very quickly, within 2 hours they told me to confirm the deposit address and they would get back to me, but it could take up to 2 months 
I'll wait and update you when I have new information.

Just a quick update:
They still haven't returned the USDTs I sent the wrong way, however they are still on time

But the most important thing is that I had to use MEXC again, and I was able to withdraw normally
My account still has no KYC. I made 2 withdraws, on Optimism and Polygon network

Last update about my ticket
After 2 months and 1 week, they returned my USDT deposit on the APTOS network
However, I had to contact them again after the deadline of February 28th had not been met.
They apologized, mentioned many open tickets and that they would resolve them, but didn't give an estimated time

1 week after the new complaint they returned the funds

[gunhell16]

However, I needed to make a deposit of 111 dollars in USDT on the APTOS network and MEXC supports this network
I ended up depositing USDT (layerZero) which is a bridge token, instead of the USDT that MEXC uses, so the deposit was “lost”

I opened a ticket and they answered me very quickly, within 2 hours they told me to confirm the deposit address and they would get back to me, but it could take up to 2 months 
I'll wait and update you when I have new information.

Just a quick update:
They still haven't returned the USDTs I sent the wrong way, however they are still on time

But the most important thing is that I had to use MEXC again, and I was able to withdraw normally
My account still has no KYC. I made 2 withdraws, on Optimism and Polygon network

Last update about my ticket
After 2 months and 1 week, they returned my USDT deposit on the APTOS network
However, I had to contact them again after the deadline of February 28th had not been met.
They apologized, mentioned many open tickets and that they would resolve them, but didn't give an estimated time

1 week after the new complaint they returned the funds

So does that mean MEXC has resolved your concern issue dude? If so, that's good and the money you have with them has been returned, meaning they still exerted a response to you, now that your problem with them has been resolved, it's still at your discretion if you still want to put the assets that you still want to hide using their platform.

I also have assets there and at the moment I haven't experienced anything bad using their platform, but I hope that the bad experiences of others don't happen to me in the future. But anyway, thank you for creating this topic for awareness for us too of course.