MEXC is currently a popular crypto exchange. It has recently been accused of freezing multiple traders' accounts and their funds in response to unusual transaction activity and enforcing its terms of service by restricting accounts and freezing funds. MEXC has frozen multiple merchant accounts to enforce its terms of service. Even with this, the exchange site has allegedly confiscated the funds of those traders. X (formerly Twitter) has shared multiple reports about this.
But in all cases the popular exchange is claiming that the actions were motivated by unusual trading activity. MEXC users have been complaining about account restrictions since the middle of this month. Even on X, the pseudonymous trader Vida Tether ( USDT ) revealed a loss of $92,000 in tokens. All these pseudonymous traders earned this amount by trading more than half a month in the futures market.
However, MEXC released a statement in this regard. Their statement goes something like this: MEXC's risk control system and relevant staff have conducted a thorough examination of issues raised by traders regarding account limitations and issues related to futures trading. The exchange site authority claims that its staff has detected unusual trading activities in the accounts of these traders and associated accounts. And also this exchange authority has also announced that as per the terms of use, they have taken action to recover the loss.
However, one user claims to have traded around $8,000 since September but later the exchange site froze their assets and accounts. Several traders have even released similar reports over the past few days. According to this user, who has had around $8,000 of his funds frozen after trading since last September, other friends of his who traded on MEXC also faced the same problem last week. The Exchange Site's Terms of Service state that the Exchange has the right to investigate any violation of this Agreement, to unilaterally determine whether there has been a violation of this Agreement by Traders, and to take action under relevant regulations without Traders' consent or prior notice.
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