Major Cryptocurrency Exchange Responds to Claims of “Financial Difficulties”

The exchange management issued a statement regarding the financial difficulties allegations that have been spreading on social media regarding the MEXC exchange in recent days. The discussions began when a user's stablecoin withdrawal request worth approximately $3 million was initially rejected, but the transaction was later approved following reactions. In a statement, MEXC defended the allegations as unfounded: “Recently, unsubstantiated rumors have been circulating online regarding MEXC’s financial situation. We would like to clearly state that these claims are false and misleading. MEXC has a strong financial structure. All user assets are fully collateralized, and our Proof of Reserves (PoR) data shows that major assets are backed by over 100% collateral.” The statement also noted that a transparent proof-of-reserve system with a Merkle Tree structure is used, allowing users to independently verify their holdings. MEXC stated that the current PoR data will be updated overnight for user verification. Related News: US Democrats Propose Anti-Cryptocurrency Bill - Here Are the Details The exchange argued that financial reserve data is available not only on its own website but also from multiple sources such as CoinMarketCap, CoinGecko, and DefiLlama. It also noted that the address of the $100 million Guardian Fund, previously established to protect user assets, has been publicly shared. At the end of its statement, MEXC included the following statements: All platform operations are continuing as normal. We ask our community to refrain from sharing or engaging with unverified information. We thank all our users who have followed our official announcements. *This is not investment advice. Continue Reading: Major Cryptocurrency Exchange Responds to Claims of “Financial Difficulties”