Financial Services Authority Takes Enforcement Action Against MX Global Ltd for Unlicensed Virtual Asset Operations
VICTORIA, Seychelles
The MEXC platform was historically associated with MEXC Global LTD, a company previously incorporated under the International Business Companies Act, 2016, and subsequently struck off the Seychelles register on August 17, 2023 and automatically dissolved on December 18, 2024. Following the enactment of the VASP Act and the end of the regulatory transition period on January 1, 2025, no application for licensing was received by the Financial Services Authority from any entity associated with the platform.
The FSA has determined that MX Global Ltd is in breach of Section 5 of the VASP Act, which prohibits carrying on or purporting to carry on the business of virtual asset services in or from Seychelles without the required authorisation, and Section 5(2)(g)(ii) of the International Business Companies Act, 2016, regarding carrying on the business of virtual asset services without the necessary licence.
In light of the above, the FSA is in the process of initiating the appropriate enforcement measures in respect to the identified company operating the platform, including the referral to the relevant competent authority for further assessment and consideration of any legal action.
The public is reminded that MX Global Ltd is not authorised to provide virtual asset services in or from the Republic of Seychelles. Members of the public, investors, and counterparties are advised to exercise caution when dealing with this entity or the MEXC platform. The FSA advises that it is not in a position to intervene to investigate or facilitate the recovery of funds, as MX Global Ltd is not a licensed and supervised entity.
Persons affected are encouraged to liaise with the relevant law enforcement authorities in their respective jurisdictions on the matter. Any concerns relating to the MEXC platform or MX Global Ltd may be directed to complaints@fsaseychelles.sc.
