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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.
Updated Oct 19, 2023, 8:28 a.m. Published 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.
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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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