Germany’s Federal Financial Supervisory Authority (BaFin) recently issued a warning to consumers regarding the crypto exchange MEXC, emphasizing that it is conducting crypto-related financial services “without the necessary authorization.”
The Investigation
In an official statement posted on BaFin’s website, the title of the warning explicitly states, “BaFin investigates the company MEXC.” The regulatory body highlights the services provided by MEXC and emphasizes the potential risks associated with engaging in such activities.
According to BaFin, financial services can only be legally offered in Germany if the company possesses the required authorization from BaFin itself. The warning aims to alert consumers to the fact that MEXC lacks this authorization and therefore may not be compliant with regulatory standards.
At present, MEXC has not responded to the allegations of investigation by BaFin, and no additional details concerning the matter have been disclosed.
MEXC: A Prominent Crypto Exchange
MEXC is currently ranked among the world’s top 20 largest crypto exchanges in terms of spot trading volume, as per CoinMarketCap’s ranking system. In the past 24 hours alone, the exchange facilitated spot trading amounting to nearly $800 million.
Despite its substantial trading volume, MEXC’s lack of authorization from BaFin has raised concerns among regulators and investors alike.
