MEXC addresses concerns over deleted CEO account and withdrawal issues

Cryptocurrency exchange MEXC has tried to address public concerns following the deletion of a Twitter account named “MEXC_CEO” and reports of frozen accounts and withdrawal issues.

The deleted account, previously believed to be associated with the exchange’s CEO John Chen Ju, sparked fears among users about the stability of the exchange. MEXC is one of the largest cryptocurrency exchanges in the world, with a daily trading volume of over $2 billion.

MEXC clarified that while the Twitter account had once been used officially to promote the exchange, the original CEO associated with it left the company in July 2022. Since then, the individual linked to the account had no actual connection with MEXC. The exchange acknowledged that the lack of a formal announcement about these changes led to confusion and misunderstanding when the account was abruptly deleted.

Amid these concerns, MEXC has also been dealing with allegations of freezing traders’ accounts and impeding withdrawals. Reports emerged last week of users experiencing difficulties withdrawing cryptocurrencies, particularly Kaspa (KAS) tokens, and having their accounts frozen. These issues have added to the anxiety among the exchange’s users.

In response, MEXC attempted to reassure its customers, stating that the exchange is operating smoothly and all systems are normal. They have urged users not to be swayed by rumors or misinformation, asserting their opposition to defamation and the spread of false information.

However, the situation has been compounded by multiple reports from traders alleging that their accounts were frozen and funds seized due to “abnormal trading activities.” One user, Vida, claimed a loss of $92,000 in Tether tokens after profiting from trades on MEXC’s futures market. According to Vida, the support team at MEXC acknowledged that their risk control system flagged a problem with the trades, leading to an investigation by the exchange.

These incidents have raised concerns among MEXC users, with some reporting similar problems dating back to September. One user noted that approximately 10% of their trading group had experienced account blocks.

MEXC is a centralized cryptocurrency exchange that was founded in 2018. It is headquartered in Singapore and has offices in a number of other countries, including Estonia, Australia, and the United States. MEXC offers a wide range of services, including spot trading, margin trading, futures trading, and staking. It also has a number of unique features, such as a launchpad for new cryptocurrency projects and a copy trading platform.