Customers have been alerted by Germany’s Federal Financial Supervisory Authority (BaFin) regarding the MEXC exchange providing financial services on its website without the necessary authorization.
BaFin authorization is required for MEXC’s crypto custody services. The regulator stated on its website that a company may only offer financial services in Germany if it has received the required authorization from BaFin.
A other agency has also issued a notice to MEXC. MEXC Global has been conducting business in Japan without the required registration, according to a warning letter sent by the Financial Services Agency of Japan in April.