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MEXC, a Seychelles-based cryptocurrency exchange, has come under scrutiny following multiple allegations from traders about frozen assets and account blocks. The accusations, intensifying since December 16, suggest that the exchange is enforcing its terms of service in a way that users find controversial.
Sudden Account Restrictions Spark Concern
Traders are using the platform X to voice their concerns and report sudden restrictions on their accounts following profitable trades. A notable case is that of a pseudonymous trader, Vida, who claims a loss of $92,000 in Tether (USDT) after successful futures market trades on MEXC. The trader’s account and order history were allegedly wiped clean following contact with MEXC’s support team.
MEXC Cites “Abnormal Trading Activities”
MEXC’s support team acknowledged that their risk control system flagged Vida’s account, leading to a thorough investigation by the staff. The exchange, citing “abnormal trading activities” in the account and associated accounts, invoked its terms of service to recover the alleged losses. This stance has been consistent in similar reports from traders facing account issues.
A user who has been facing problems since September disclosed that their account was frozen following an $8,000 trade. Anecdotal evidence suggests that nearly 10% of the trading community around this individual has experienced similar issues with MEXC. The pattern of account restrictions and fund seizures has fueled a growing dissatisfaction among MEXC users.
MEXC’s Terms of Service Under Spotlight
MEXC, established in 2018, outlines in its terms of service the authority to unilaterally determine agreement violations and take action without user consent. These actions may include account freezing, order blocking, and reporting incidents to authorities. However, the recent surge in complaints raises questions about the transparency and fairness of these practices.
The controversy surrounding MEXC’s handling of trader accounts highlights the complexities and challenges in the cryptocurrency exchange. As traders continue to express their grievances, the crypto community watches closely, seeking clarity and fairness in exchange practices. MEXC’s response to these allegations remains critical in maintaining its reputation and trust among its users.
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