Crypto trader known as White Whale revealed that the exchange MEXC asked him to meet in Malaysia to verify his identity after freezing $3.1 million of his funds.
MEXC's Unusual Request for a Meeting in Malaysia
White Whale noted that such requests in the crypto space are unusual, as identity verification is typically conducted online. He shared screenshots indicating that MEXC offered meetings with senior leadership in Malaysia, hinting at possible business agreements and trading advantages.
CITE_NA: "Oh yeah – this is crypto. You fellow degens love receipts."
MEXC's Risk Management Policies
Earlier this year, MEXC officially stated that it strictly adheres to risk management policies and that it only freezes assets for valid reasons. The exchange cited possible responses to activities including price manipulation and fraudulent trading. The trader emphasized that he had fulfilled all other KYC requirements but found no mention of in-person verification in the Terms of Service.
Protests and Issues from Other Users
In light of the White Whale situation, other users have also begun reporting problems with the MEXC platform. One such user, Pablo Ruiz, claimed that his $2 million in Tether was frozen without warning or explanation. In response, he received automated messages indicating that his account would be reviewed for a year, with no action until April 17, 2026.
The situation with White Whale raises questions about MEXC's practices and risk management. The trader's response and other similar cases highlight the tension between users and platforms in the cryptocurrency space.
