Crypto exchange MEXC has confirmed it will withdraw from France, marking its fourth country‑level exit since September. The move follows a series of regulatory challenges across Europe and is part of a broader strategy by new chief executive Vugar Usi to transform the platform into a retail‑focused trading house offering tokenized equities, commodities and prediction markets. According to a notice dated 28 October, French customers will be gradually restricted from opening new positions or making deposits starting 18 November, with all outstanding positions automatically settled on 22 January 2027 and withdrawals terminated on 5 March 2027. The exchange will transfer any remaining assets to a regulated custodian after the withdrawal deadline, though it has not yet named a custodian. MEXC has offered affected users referrals to EU‑regulated platforms, but customers must open accounts and move funds themselves.

Regulatory Context

The French financial regulator, the Autorité des Marchés Financiers (AMF), blacklisted MEXC in June 2024 for offering financial services without the required authorization. Europe’s Markets in Crypto‑Assets Regulation (MiCA) imposes new authorization requirements on cryptocurrency service providers, adding pressure on exchanges that operate without proper approvals. MEXC’s earlier retreats—starting with the Netherlands on 29 September and followed by Russia and Belarus on 20 October—were also driven by regulatory developments in the European Economic Area.

CEO’s Expansion Vision

Since taking the helm in April, Usi has outlined a plan to broaden MEXC’s product suite beyond speculation‑driven trading. The exchange now offers more than 450 stock and index futures pairs, over 200 tokenized US equities, and a RealStocks service that grants access to more than 7,000 US stocks and ETFs. According to a September trading report, tokenized US stock spot trading volume rose 81% month‑over‑month, while AI‑related tokenized equities and ETFs saw an 88% increase. Usi emphasises regulatory compliance and customer protection as central to his leadership, aiming to build trust among the platform’s roughly 40 million users, the majority of whom are retail traders.

Potential Partnerships

MEXC is exploring external collaborations to strengthen its international presence. Earlier this month, the exchange disclosed exploratory talks with Payward, the parent company of Kraken, about a potential partnership involving market access, trading infrastructure and liquidity. While the discussion is still in early stages, both parties see complementary strengths: MEXC’s retail focus and diverse product range versus Payward’s established US infrastructure and market presence.

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