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MEXC has come under the spotlight after TheWhiteWhale, a well-known crypto KOL, accused the exchange of freezing his account and launched a $2 million campaign against the platform. In response, MEXC issued a statement suggesting the account may have been linked to compliance-related risks, stressing that restrictions are imposed strictly in line with regulatory requirements.
The exchange said its enhanced compliance checks require accounts with suspicious fund flows to undergo advanced KYC procedures, with most restrictions later lifted but some accounts still under review. The confrontation highlights the tension between compliance enforcement and user backlash in the crypto sector.
Beyond the dispute, MEXC disclosed that it has intensified risk control efforts across its platform. Between July and August, more than 17,000 accounts tied to over 3,000 fraud syndicates were restricted, leading to a 62% drop in fraudulent activity compared with earlier periods. Over 2,000 bot trading accounts were also flagged, a 24% increase from previous months.
MEXC attributed the decline in syndicate-led fraud to its AI-powered monitoring systems, which it says can identify and intercept suspicious activity in real time. Compliance reports on high-risk accounts and suspicious transactions were filed with regulators in both July and August.
