MEXC exchange is no longer offering KYC-LESS services
@josediccus
Posted 4d ago · 3 min read
I just heard that MEXC now requires KYC before you can continue using it, and all I can say is, another one bites the dust. This isn't like the platform is dying or something, but it was made popular because they didn't require KYC to use.
Many people loved this privacy feature and it became really popular amongst crypto users. Think a lot of people are currently losing funds because of these changes and there are currently no way for people to actually retrieve their funds.
This makes me wonder why MEXC has chosen to go this route. There are currently no updates as to why they've chosen to do this, instead on their social platform on X they're going a sort of giveaway of $88k for people who are doing specific tasks.
Looks like they're trying to get people to talk less about this issue by actively engaging them in these giveaways but then a lot of people have actually reported the issue and currently no one is talking about it.
I would like to go the way of propaganda, but maybe I don't think so. Looking people's funds isn't something that a popular exchange should be doing, but the fact that they're still active on all of their social handles globally means that they're still here and they're not planning to run away with funds of people.
However the fact that these funds are locked may mean that they don't have all the funds to give, or perhaps something extra is happening.
A lot of people know MEXC very well, they were one of the first places that lets people trade perps and even though they had their lapses too and were notorious for people losing funds
......but people used them anyway because it provided services that catered for the needs of many crypto users which is why they're still in business even though there are now modern exchanges that functions like a DEX.
Or is MEXC tired of offering decentralized and KYC-LESS services?
Maybe
who knows, maybe it's a compliance and regulation issue. In 2022 a lot of exchanges were witch hunted and a lot of them had to even shut down because of compliance issues, but places like MEXC held and withstood the test of time.
But perhaps it's finally time they're choosing to go the KYC route after such a long time, however I don't have a problem with them doing that, I just have a problem with them withholding the funds of people which is actually the biggest issue.
However they're still a big exchange and I think people will be given the opportunity to withdraw their funds after they've opened up KYC.
However I think this is the beginning of the end for MEXC. If they opened up the funds of users, I think they're going to be losing influx of users and funds and they actually know this.
But they'll probably prefer to lose users instead of going out of business which is why they're trying to get back their social activities up to speed so as to increase interactions and show people that they're still here.
But it's been 8 years since they became operational, they started right when most new age exchange, never even dreamed of being a thing. So maybe they'll come out soon and rectify this, letting users actually have access to their funds.