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German Regulator Warns Consumers About MEXC's Crypto Custody
The Federal Financial Supervisory Authority warned consumers that the MEXC exchange has been offering financial services without authorisation to do so.
Oct 19, 2023, 8:28 a.m.
Germany’s Federal Financial Supervisory Authority (BaFin) warned consumers about the MEXC exchange offering financial services on its website without the required authorization on Tuesday.
MEXC’s crypto custody services need to be authorized with BaFin. “Financial services may only be offered in Germany if the company providing these services has the necessary authorization from BaFin to do this,” the regulator said on its website.
MEXC has also received a warning from another regulator. In April, Japan’s Financial Services Agency said in a warning letter that MEXC Global had been operating in the country without the necessary registration.
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The statements signal a potential shift in stance within the French government and its central bank.
What to know:
- French Finance Minister Roland Lescure called for more euro-denominated stablecoins and urged EU banks to explore tokenized deposits, marking a notable policy shift in Paris.
- Lescure backed Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the second half of 2026 to counter U.S. dominance...
