The German regulator has warned consumers about cryptocurrency exchange MEXC's crypto custody service. The Federal Financial Supervisory Authority notified consumers that the MEXC exchange was providing financial services without authorization.
Germany MEXC Stock Exchange Warned Concerned Users
Germany's Federal Financial Supervisory Authority (BaFin) warned consumers that the MEXC exchange was offering financial services on its website without the necessary authorization.
MEXC's crypto custody services must be authorized by BaFin. “Financial services can only be offered in Germany if the company providing these services has the necessary authorization from BaFin,” the regulator said on its website.
MEXC also received a warning from another regulatory agency. In April, the Japan Financial Services Agency said in a warning letter that MEXC Global was operating in the country without the required registration.