FMA Liechtenstein warns against cryptocurrency exchange MEXC!

Last Updated: 6. März 2024By

Liechtenstein is an attractive financial center with direct access to the European single market and Switzerland. The FMA Liechtenstein is the responsible authority for granting licenses and approvals for financial service providers. The Financial Market Authority (FMA) Liechtenstein ensures, in accordance with its legal mandate, the stability of the Liechtenstein financial market, the protection of customers, the prevention of abuses, as well as the implementation and compliance with recognized international standards.

The FMA is a public company with its own legal personality. It was founded in 2005 as an integrated financial market authority. Through its supervisory activities, the FMA ensures the stability of financial institutions and the financial market, as well as the protection of customers. In case of violations of supervisory regulations, the FMA takes the necessary measures in the interest of customer protection and the reputation of the financial center. The FMA also investigates cases of unauthorized activities in the context of combatting abuses. Currently, there is such a case involving a dubious cryptocurrency exchange called MEXC.

Warning from the Liechtenstein Financial Market Authority about: mexc[dot]com The Liechtenstein Financial Market Authority (FMA) advises that the operator of the website mexc[dot]com does not possess any regulatory approval or registration from the FMA and is therefore not listed in the official FMA register.

Thus, it is not permitted for this entity to provide financial services in Liechtenstein that require approval or registration. The FMA strongly advises against making investments through the website mexc[dot]com, especially in response to offers, transferring funds, or exchanging cryptocurrencies.

MEXC: Lowest fees and highest returns? MEXC was founded in 2018 and describes itself as the exchange with powerful technology for mega transaction matching. The MEXC team is said to be among the pioneers of financial and blockchain technology. Currently, MEXC allegedly serves more than 10 million users in over 170 countries and regions around the world, and this is just the beginning. MEXC has set itself the goal, according to its own euphemistic statements, of becoming the preferred platform for new traders and experienced investors who want to advance on their financial journey.

MEXC also offers localized language support for investors from different countries to facilitate trading for them. As such, the website is also available in German. According to their own statements, MEXC is present on the most important continents and in territories around the world and is allegedly regulated either directly or through partners by some of the most reputable territories in the world.

My conclusion: This alleged regulation and associated approvals do not apply to the Principality of Liechtenstein, otherwise the FMA Liechtenstein would not have issued a warning message. The Federal Financial Supervisory Authority (BaFin) is also investigating MEXC and has already published a warning message in its section „Unauthorized business“ in October 2023.

Beware of Bitcoin and crypto scammers! I regularly warn you about dubious providers and methods. If the damage has already been done and a case of damage has occurred, the following points are advisable:

1. Report to the police

2. Inform national supervisory authorities (BaFin, FMA, FINMA)

3. Seek legal recourse through a specialized lawyer – Our expert network is available for you.

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