Crypto trader known as 'White Whale' has shared his experience dealing with MEXC, where his $3.1 million in funds are frozen.
Trader's Claims of Pressure from MEXC
According to screenshots shared by crypto trader 'White Whale', MEXC extended an 'exclusive invitation' to Malaysia for an in-depth discussion with their leadership team. He claims that such a requirement is beyond the norm for exchanges. Typically, Know Your Customer (KYC) procedures require submission of identity documents online.
MEXC's Response and Policy
A spokesperson for MEXC stated that the exchange 'strictly adheres to risk management policies and does not freeze assets without valid reasons.' They noted that measures may be taken in response to price manipulation and other fraudulent activities, but did not address the trader's claim regarding the invitation to Malaysia.
Overall Situation with Frozen Assets at MEXC
The trader also mentioned that he had completed all other KYC checks, including face verification and address confirmation, and pointed out that MEXC's Terms of Service do not mention the necessity of an in-person meeting. In response to the situation, White Whale launched a social media campaign urging MEXC to release the frozen funds.
The situation regarding frozen assets at MEXC continues to raise questions among the exchange's users. The actions taken by the exchange and reactions from traders highlight the importance of transparency and adherence to KYC standards.
