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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.
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.
STORY CONTINUES BELOW
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.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
