Russian crypto trader Ivan from Yekaterinburg claims that the MEXC Global exchange froze his trading account containing over $9.15 million based on vague accusations.
Allegations Against MEXC
Ivan states that his account was blocked without clear evidence from the exchange. He faced demands for in-person verification in Singapore, despite having passed KYC. 'They told me I had to fly to Singapore for in-person verification, although I had already completed full KYC and submitted medical records proving I’m unfit to travel,' Ivan said.
Ivan's Trading Story
Ivan started trading with a $30,000 deposit in May 2024. Through high-risk moves, he managed to increase his balance to over $9 million. In January 2025, when he attempted to open a new position, his account was unexpectedly restricted. 'They said my trading was ‘anomalous,’ but isn’t the point of a crypto exchange to make high-yield trades?' he noted.
MEXC's Refusal to Provide Evidence
Ivan emphasized that his wallet addresses were flagged as 'low-risk' by analytics tools. Despite this, the exchange failed to provide any evidence of illegal activity. 'I’ve never been to the U.S. in my life. I checked the official U.S. sanctions list – I’m not on it,' he said.
Ivan is now calling for awareness among other traders and highlights the risks of trading on unregulated centralized exchanges, demanding greater transparency from MEXC.
