MEXC is a crypto exchange founded in 2018, with over 3,000 coins, 0% spot maker fees and monthly Proof of Reserves above 100%. It has no EU license under MiCA, and Seychelles’ regulator says its operator has no Seychelles license. South Korea is blocking its website, and MEXC is leaving the Netherlands. It doesn’t serve the US, the UK or Canada. Futures are high-risk.
Disclosure: YODA COIN may earn a commission if you sign up with our referral code or link, at no extra cost to you. Read our disclaimer.
Availability: MEXC doesn’t serve residents of the United States, the United Kingdom, Canada, Singapore, Hong Kong, Mainland China, Malaysia, Kazakhstan and several other places. It is winding down service for Dutch users, who must move their assets by 31 October 2026. South Korea is blocking its website. Check MEXC’s restricted-countries page (October 2026, checked 14 October 2026) first.
MEXC is a centralized crypto exchange: a company that holds your coins while you trade them. It was founded in 2018, and its 2026 press releases name Vugar Usi as CEO (MEXC Guardian Fund release, 30 September 2026). MEXC says it has over 40 million users in more than 170 markets and over 3,000 digital assets (MEXC report, July 2026).
You can trade spot (buying coins outright) and futures (contracts that bet on price moves). MEXC also offers copy trading, P2P (buying crypto directly from other users) and savings. Our beginner guide to how MEXC works explains each product.
MEXC doesn’t name a headquarters on the pages we checked. Its 2026 press releases carry a Mutsamudu, Comoros dateline, but MEXC doesn’t call that its headquarters (MEXC security report, September 2026). Seychelles’ Financial Services Authority (FSA) says a Seychelles company, MX Global Ltd, operates the MEXC platform. An earlier company, MEXC Global LTD, was struck off the Seychelles register in 2023 (FSA Seychelles, 26 May 2026, checked 14 October 2026). MEXC’s User Agreement follows the laws of England and Wales (MEXC User Agreement, May 2025 version).
Is MEXC legit? Licenses and regulator warnings
MEXC is a real, working exchange, but none of the regulators below licenses it, and each has warned against it or restricted it. MiCA is the EU’s crypto licensing law.
Date
Regulator
What it did
July 2024
Belgium’s FSMA, the markets regulator
Ordered Mexc Global LTD, which offered services from Seychelles without authorization, to stop holding Belgian clients’ coins. It also had to stop selling crypto-linked products, such as futures, to Belgian retail clients (FSMA)
September 2025
Netherlands’ AFM, the markets regulator
Warned consumers that MEXC offers crypto services there without the MiCA license it needs. It said MEXC is no longer in a trade register, so it’s unclear where it is based (AFM, checked 14 October 2026)
May 2026
Seychelles’ FSA
Named MX Global Ltd as the company running MEXC without a license and began enforcement steps. It said it can’t help users recover funds (FSA Seychelles)
October 2026
South Korea’s FIU (Financial Intelligence Unit)
Said regulators had ordered MEXC’s website blocked locally, after app stores blocked new downloads in March and April 2025. It lists MEXC as an illegal, unregistered operator and reported it to investigators in August 2022 (Korea FSC, in Korean, 13 October 2026; MEXC restricted countries)
MEXC’s own country page also lists actions by Japan’s FSA (warning letters, 2023 and 2024) and India’s FIU-IND (show-cause notices, 2023). It adds the Philippines’ SEC (2025) and Malaysia’s Securities Commission (Investor Alert List, 2022). ESMA, the EU markets regulator, lists MEXC as non-compliant. MEXC is also winding down service for Dutch users (see the table below; MEXC restricted countries, October 2026).
What this means for you: no regulator in these places supervises how MEXC holds your money. The AFM warns that if MEXC ran into financial trouble, consumers could lose their total investment.
Is MEXC safe? Reserves, protection funds and security
MEXC reports reserves above 100% and runs two protection funds, but these are its own promises, not government insurance. Proof of Reserves is a report showing an exchange holds at least as much of each coin as its users deposited.
Asset
Reserve ratio, 10 September 2026 snapshot
BTC
297%
ETH
111%
USDT (Tether, a stablecoin pegged to the US dollar)
119%
USDC (another US dollar stablecoin)
111%
Source: MEXC September 2026 Proof of Reserves, 15 September 2026, audited by Hacken, a blockchain security firm, and checked 14 October 2026. A 119% ratio means 119 USDT held for every 100 USDT users own. MEXC says it publishes a new report every month, and each one is a snapshot of four coins on one date.
The Guardian Fund is a reserve MEXC says pays users for losses the platform causes, such as a hack. On 30 September 2026, MEXC said it holds 100 million USDT and 2,000 BTC at public addresses (MEXC Guardian Fund release, checked 14 October 2026). A separate Futures Insurance Fund covers futures trades that lose more than the money put up for them (fund launch, June 2025). It held about 792 million USDT on 1 September 2026 (security report, checked 14 October 2026).
None of these funds repays your own trading losses. Separately, the User Agreement caps MEXC’s liability at the trading fees you paid in the three months before a claim (User Agreement, May 2025).
Before your first deposit, turn on 2FA (two-factor authentication, a second code from an app, email or SMS). Also set an anti-phishing code, which MEXC prints in its genuine emails, and a withdrawal whitelist. Withdrawals then go only to saved addresses. MEXC also blocks withdrawals for 24 hours after a password change (MEXC security guide, April 2026).
Is MEXC a scam? Frozen accounts and impostors
No. MEXC is a working exchange that publishes audited reserves and on-chain fund addresses. The risks on record are different: frozen accounts, and scammers who pose as MEXC.
MEXC can freeze an account and its assets if it suspects a breach of its User Agreement (MEXC restricted countries, October 2026). In July and August 2026, it restricted 20,752 accounts it linked to risk-related activity (MEXC security report, September 2026, checked 14 October 2026).
In one public case in July 2025, MEXC froze about 3.1 million dollars of a trader known as the White Whale. Cointelegraph reported that MEXC cited its risk control rules. Its Chief Strategy Officer apologized in October 2025, and the funds were released (Cointelegraph via TradingView, October 2025).
Impostors are the other risk. MEXC says its staff will never ask for your password (MEXC account security, December 2025). Install the app only from MEXC’s official download page; store listings name the developer MEXC Fintech, Inc.
On P2P, MEXC holds the seller’s coins in escrow, a lock that lasts until the payment is confirmed. Keep every chat inside MEXC’s P2P window, and check that the payer’s name matches the buyer’s MEXC name. MEXC support never asks you to release funds (MEXC P2P scam guide).
Good to know: Never send crypto to anyone to “activate” a bonus, and never share your password or 2FA code.
MEXC fees at a glance
MEXC’s standard spot fees are 0% maker and 0.05% taker. Futures cost 0.01% maker and 0.04% taker (MEXC fee guide, September 2026, checked 14 October 2026). A maker adds an order to the order book, the list of waiting orders. A taker fills an order that is already there.
Fee
Standard rate
Notes
Spot maker / taker
0% / 0.05%
Taker 0.04% if you pay fees with MX, MEXC’s own token
⚠️ Watch out: When you deposit or withdraw, pick the same network on both sides. The network is the blockchain the coin travels on, such as TRC-20 for USDT. MEXC warns that a mismatch can lose your funds for good (MEXC deposit guide, May 2026). Send a small test amount first.
Is MEXC good for beginners?
It can be, if MEXC serves your country and you start with spot trades and demo trading. Leave futures alone until you understand leverage.
MEXC requires KYC (Know Your Customer), the identity check with your ID document. Without it, you may face limits on deposits, withdrawals or trading, depending on your region (MEXC KYC guide, October 2026, checked 14 October 2026).
Level
What you submit
Daily crypto withdrawal limit
Also allows
Primary KYC
One ID document
80 BTC
P2P trading
Advanced KYC
ID plus facial recognition
200 BTC
Fiat trading up to 20,000 USD a day
A review usually finishes within 15 minutes, though some take 8 to 24 hours. KYC documents and withdrawal steps are in our step-by-step MEXC guide.
Futures let you bet on a price going up (long) or down (short) without owning the coin. They often use leverage, meaning borrowed money, and MEXC offers up to 500x (MEXC leverage guide, September 2025). Liquidation is when MEXC closes your position because your margin, the money backing it, has run too low. That margin is then lost.
MEXC’s futures demo trading mirrors real conditions with no real profit or loss (MEXC demo guide, July 2026).
⚠️ Watch out: Don’t start with futures. Practice in demo mode first, and never risk money you can’t afford to lose.
MEXC’s Welcome Gifts for new users go up to 10,000 USDT, paid as task-based futures bonuses, copy trade bonuses and fee vouchers, not cash. You can withdraw only the profits a bonus earns, and some tasks need Advanced KYC (MEXC Welcome Gifts, August 2025, checked 14 October 2026). Here is how MEXC’s new-user tasks work.
Note (14 October 2026): this video covers MEXC’s Welcome Gifts in the same guide as code 12K4M5. The Welcome Gifts are MEXC’s own new-user tasks, and the code doesn’t grant them.
Who can’t use MEXC? Countries and regions
MEXC doesn’t accept users from 13 jurisdictions named in its User Agreement, including the US, the UK and Canada. Others limit or block it. A referral code doesn’t change this.
Where you live
Can you use MEXC?
United States, United Kingdom, Canada
No. Named in the User Agreement
Singapore, Hong Kong, Mainland China, Malaysia, Kazakhstan
No
North Korea, Cuba, Iran, Sudan, other sanctioned countries, Russian-controlled regions of Ukraine
No
Netherlands
Only to leave. Move your assets by 31 October 2026, before final offboarding on 16 November 2026
South Korea
Blocked since October 2026. The FIU tells users to withdraw, and not to sign up through or share referral links for unregistered exchanges like MEXC. Referrers could face criminal penalties under Korean law (Korea FSC)
Belgium
Not on MEXC’s list, but the FSMA ordered MEXC in 2024 to stop holding Belgian clients’ coins and selling them crypto-linked products such as futures (FSMA). If you live in Belgium, don’t open an account
Other EU and EEA countries
Not banned by MEXC, but it has no MiCA license, so EU customer protections don’t apply. MEXC’s own page tells EU and EEA readers to use a MiCA-licensed provider
Japan, India, the Philippines
Not on MEXC’s list, but regulators have warned MEXC or blocked access, and the app isn’t listed there. Check local rules first
Indonesia
Not on MEXC’s list, but the app isn’t listed in local stores
Unless marked, rows come from MEXC’s restricted-countries page (data verified 8 October 2026, checked 14 October 2026). Where local law bans derivatives trading, MEXC says users may not qualify for futures rewards (MEXC Rewards Hub).
Good to know: Never use a VPN or someone else’s documents to get around these rules. MEXC says that breaches its User Agreement, and it can then close the account and liquidate open positions (same page).
MEXC pros and cons
MEXC may suit people outside its restricted list who want many coins and low fees, and who accept an unlicensed exchange. We don’t score MEXC: this review draws on public records, not our own account tests.
Pros
Cons
Over 3,000 assets and a 0% spot maker fee (report, fees)
No MiCA license, and Seychelles’ regulator says its operator runs MEXC without a Seychelles license (FSA)
Monthly Proof of Reserves, Hacken-audited in September 2026 (PoR)
Leverage up to 500x (leverage), and liability capped at three months of your fees (terms)
How to sign up on MEXC with code 12K4M5
Our MEXC referral code is 12K4M5. If MEXC serves your country, type it in the Referral Code field before you finish sign-up. Or open MEXC sign-up with our link, which fills it in. If you live in South Korea, don’t sign up with or share any MEXC referral code, including ours.
What the code changes:
Futures bonus for both sides. After a valid referral, MEXC gives the referrer and the invitee a Futures bonus (MEXC Learn, checked 14 October 2026). You count as valid if you deposit at least 100 USDT and trade over 500 USDT of futures within 7 days of sign-up. Leverage counts toward that volume (MEXC referral rules, checked 14 October 2026). The amount isn’t published, and you can withdraw only its profits. Futures are high-risk, so don’t trade them just for a bonus.
No VIP and no promised fee rebate. Invited users can’t qualify for MEXC VIP status (MEXC VIP program, March 2025). 12K4M5 comes with no promised fee rebate.
Welcome Gifts are separate. The code doesn’t grant them.
A main account can still link a referrer within 30 days of sign-up (MEXC linking guide, checked 14 October 2026). The link can’t be changed later. The 7-day bonus window still counts from sign-up. Don’t open extra accounts for more rewards: the User Agreement allows at most two per person. Full rules: how the MEXC referral code works.
What to do next
Check MEXC’s restricted-countries page and your own regulator’s warnings. If you live in South Korea, Belgium, the Netherlands or a country on MEXC’s list, don’t open an account.
If MEXC serves you, sign up on mexc.com or in the official app. To support us, type 12K4M5 in the Referral Code field. Then complete KYC and turn on 2FA, an anti-phishing code and a withdrawal whitelist.
Make a small test deposit on the right network, and practice in futures demo trading before you risk real money on leverage.
More MEXC review videos
Short answers from the same series. The code in the titles adds nothing beyond the referral rules above.
MEXC is a real, working exchange, founded in 2018, and it publishes monthly Proof of Reserves. But none of the regulators that have acted on it licenses it. It has no EU MiCA license, and Seychelles’ regulator says its operator has no Seychelles license. Belgium, the Netherlands and South Korea have acted against it. It doesn’t serve the US, UK or Canada.
Is MEXC safe?
It has real safeguards, but it isn’t supervised like a licensed exchange. Its Hacken-audited September 2026 report showed reserves above 100% for BTC, ETH, USDT and USDC, and its Guardian Fund holds 100 million USDT and 2,000 BTC. MEXC can freeze accounts under its risk rules, and futures can wipe out your margin.
Is MEXC a scam?
No. MEXC is a working exchange that publishes audited reserves and on-chain fund addresses. The real risks are different: it is unlicensed in several places, it can freeze accounts under its risk rules, and scammers copy its name. Never send crypto to “activate” a bonus, and never share your password or 2FA code.
Is MEXC allowed in the US?
No. MEXC’s User Agreement names the United States as a Prohibited Jurisdiction, so US residents can’t open or use an account. The same applies to the UK, Canada, Singapore, Hong Kong and several other places. Don’t use a VPN: MEXC says that still breaches its rules.
What country is MEXC from?
MEXC doesn’t name a headquarters on the pages we checked. Its 2026 press releases carry a Mutsamudu, Comoros dateline, and Seychelles’ regulator says a Seychelles company, MX Global Ltd, operates the platform. MEXC was founded in 2018, its CEO is Vugar Usi, and its User Agreement follows the laws of England and Wales.
What happened with MEXC?
The recent news is about regulators. South Korea, which reported MEXC to investigators in 2022, ordered its website blocked in October 2026. MEXC is leaving the Netherlands, and Dutch users must move assets by 31 October 2026. In May 2026, Seychelles’ regulator said MEXC’s operator has no Seychelles license. In 2025, MEXC froze, then released, one trader’s 3.1 million dollars.
Is MEXC good for beginners?
It can be, if MEXC serves your country. Spot fees are 0% maker and 0.05% taker, and futures demo trading lets you practice with no real money. You must pass KYC, the identity check. Leave futures alone until you understand leverage and liquidation, which can wipe out your margin.
Every rule and number here comes from the linked source. Regulator actions, fees, KYC limits, reserves, funds and referral rules were re-checked on 14 October 2026. The User Agreement, leverage and VIP rules carry the dates shown.
Crypto prices move fast and you can lose money. This guide is for education, not financial advice. See our disclaimer.
