Crypto-Custody

German Regulator Issues Warning about Crypto Exchange MEXC's custody operations

Consumers have been notified by the Federal Financial Supervisory Authority that the MEXC exchange has been delivering financial services without authorization.

On Tuesday, Germany's Federal Financial Supervisory Authority (BaFin) issued a warning to customers regarding the MEXC exchange delivering financial services on its website without the necessary permission.

MEXC's crypto custody services must be approved by BaFin. "Financial services may only be offered in Germany if the company providing these services has the necessary authorization from BaFin to do this," according to the agency's website.

Another authority has also issued a notice to MEXC. MEXC Global was operating in Japan without the proper registration, according to a warning letter sent by Japan's Financial Services Agency in April.