MEXC Crypto Exchange Allegedly Freezes Traders' Assets and Accounts Amid 'Abnormal Trading Activitie

According to multiple reports on X (formerly Twitter), MEXC, a Seychelles-based cryptocurrency exchange, has reportedly been freezing the accounts of several traders and seizing their funds. The exchange has justified these actions citing "abnormal trading activities."
The complaints started trickling in from MEXC users about their account restrictions since December 16. One of the affected traders, identified as Vida, took to X to share their ordeal of losing $92,000 worth of Tether (USDT) tokens, following multiple profitable trades made within 15 days on MEXC's futures market.
A statement reportedly from MEXC's support team acknowledged their risk control system identified a problem with the trades, leading to an investigation. It stated: "Regarding the account restrictions and issues related to futures trading/assets that you have raised, our risk control system and relevant personnel have conducted a thorough examination."
Unfortunately, a lack of immediate response from MEXC has left many traders disgruntled. A user noted that nearly 10% of their trading group had also experienced similar account block issues.
MEXC's terms of service, however, grant the exchange the right to investigate violations and act without prior notice or consent from the user. This can include blocking and closing orders, freezing accounts, and reporting incidents to authorities.
Founded in 2018, MEXC is a centralized crypto exchange that offers trading services on over 2,000 pairs, excluding the United States, Canada, and China.