A growing number of traders have complained of funds being deducted from their MEXC accounts, but the exchange argues that such complaints are “misinformation.”
Crypto exchange MEXC has denied claims that it “steals” customers’ profits back when they have unusually large profits. In a recent X post, the exchange stated that “users engaging in normal trading activities will not be affected” by its clawback policies, which it claims are in place to protect the exchange against alleged market manipulation. Meanwhile, some customers say that funds were unjustly deleted from their accounts on the exchange.
MEXC is the 11th-largest centralized crypto exchange by trading volume, according to CoinMarketCap, with approximately $1.3 billion worth of spot trading volume each day. The exchange is especially well known for its perpetual futures trading platform, which does over $7 billion in daily volume.
In a conversation with Cointelegraph in February, an MEXC user with the screen name “Al Gore Rhythms” claimed that MEXC froze his account and deleted some of his funds after several crypto perpetual futures trades. According to him, his trades of BONK, ICP (ICP), SATS and GROK altcoin perpetuals were up by 380% to 2,200% when his account suddenly stopped working. Login attempts then produced error messages stating that his account had been restricted due to “risk control.”
Read more
Source: https://cointelegraph.com/news/mexc-says-clawbacks-only-affect-delinquent-traders-as-users-report-missing-funds