Crypto Trader Claims MEXC Exchange Blocked $9.15M Account Without Evidence, Demands Transparency
Ivan, a Russian crypto trader and freelance designer from Yekaterinburg, alleges that the crypto exchange MEXC Global (often referred to as MXC) froze his trading account containing over $9.15 million under vague and unsubstantiated accusations. The trader, who had been active on the platform for over a year, claims he was met with fabricated excuses, Kafkaesque demands, and zero evidence of wrongdoing.
“They told me I had to fly to Singapore for in-person verification, despite already passing full KYC and submitting medical records proving I’m medically unfit to travel,” Ivan said. “Then they asked for bank statements, then a doctor’s certificate, then scheduled a call… and finally just extended my account lock to a full year, saying there’s a ‘US investigation’ – but provided no proof.”
According to Ivan, his wallet addresses were flagged as “low-risk” by blockchain analytics tools, and he provided all requested documents. Despite this, MEXC failed to supply any evidence of illegal activity or regulatory sanctions.
“I’ve never been to the U.S. in my life,” he said. “I even searched the official U.S. sanctions list – I’m not on it. Not even anyone with my surname. MEXC claims there’s an investigation by U.S. authorities, but refuses to give a case number, or even tell me who’s investigating what.”
Ivan’s experience began after months of volatile trading. Starting with a $30,000 deposit in May 2024, he rode multiple liquidation waves before finally managing to build his balance up to over $9 million through high-risk futures trading. Just as he attempted to open a new position in January 2025, his account was restricted without warning.
“They said my trading was ‘anomalous,’” Ivan said. “But isn’t the whole point of a crypto exchange to make high-yield trades? If I lost $9 million instead of making it, would they still call it anomalous?”
His attempts to resolve the matter through official MEXC channels were met with silence or bizarre responses. A supposed “head of client relations,” identified only as “Derrick,” alternated between promising VIP bonuses and making threats of multi-year investigations.
“This isn’t security. It’s extortion in slow motion,” Ivan added. “If they really had a reason to block me, they’d show it. Instead, they’re hiding behind secrecy while holding my money hostage.”
Legal representatives acting on Ivan’s behalf have sent formal inquiries, with no substantial response to date. They are now preparing for international arbitration, though they warn that MEXC may not even show up to court – a pattern seen in similar cases.
Ivan is now publicly calling out MEXC as a “scam operation in disguise,” warning others about the risks of trading on unregulated centralized exchanges.
“I want people to see what’s happening here,” he said. “You can be fully verified, fully legal, and still have everything stolen under the guise of compliance.”
Watch the full version of the interview on YouTube: https://youtu.be/BtHhg4Q-WcY
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