The cryptocurrency exchange platform MEXC is enhancing its risk control measures amid increasing pressure to combat fraud on trading platforms worldwide.
New Control Measures and Statistics
Over 17,000 accounts were restricted during July and August, representing more than 3,000 fraud syndicates. The use of AI-powered risk models has helped reduce fraudulent activity by 62% compared to earlier periods.
Conflict with a Crypto Influencer
Amid these new measures, a conflict arose with crypto influencer TheWhiteWhale, who claimed his account was frozen without cause and launched a $2 million campaign against the exchange. MEXC countered with a statement suggesting the account may be tied to compliance risks.
Response to Violators and Bot Trading
The platform reinforced restrictions on bot trading in its futures markets after detecting a surge in violations of platform rules. Between July and August, 2,008 bot accounts were identified and restricted — a 24% increase compared with the previous two months.
MEXC continues to actively combat fraud and manipulations on its platform while facing the challenges of regulatory compliance and protecting user interests.
