SEYCHELLES FSA Enforcement Against MEXC VASP, Signalling Tighter Global Oversight ...

On 26 May 2026, the Financial Services Authority of Seychelles (FSA) announced it has identified MX Global Ltd (IBC No. 238047) as the Seychelles-registered entity operating the major cryptocurrency exchange MEXC ( ) without the required licence under the Virtual Asset Service Providers Act, 2024.

This marks the latest and most direct regulatory move against the platform in Seychelles, following the dissolution of its previously associated company and the end of the VASP Act's transitional period on 1 January 2025.

The FSA determined that MX Global Ltd has been carrying on virtual asset services in or from Seychelles without authorisation, in breach of both the VASP Act and the International Business Companies Act.

The Global Connection to Seychelles

Other regulators have already taken parallel steps against MEXC:

Seychelles FSA action

The Financial Services Authority of Seychelles (FSA), through its Virtual Asset Services Supervision Section (VASSS),

The company is in breach of Seychelles law and is subject to ongoing enforcement action.

Important Implications for Stakeholders

This summary is intended for quick briefing of executives, compliance teams, or risk committees.

Full press release follows below.

FSA Takes Enforcement Action Against MX Global Ltd for Unlicensed Virtual Asset Services Operations

Company identified as the entity operating MEXC crypto exchange without authorisation under the Virtual Asset Service Providers Act, 2024

The Financial Services Authority of Seychelles (FSA/the Authority), through its Virtual Asset Services Supervision Section (VASSS), has positively identified and determined that MX Global Ltd, a Seychelles-incorporated International Business Company (IBC), is the entity operating the MEXC cryptocurrency exchange platform ( ) without the required licence under the Virtual Asset Service Providers Act, 2024 (VASP Act).

The MEXC platform was historically associated with MEXC Global LTD (IBC No. 218833), a company previously incorporated under the International Business Companies Act, 2016, and was subsequently struck off the Seychelles register on the 17 th August 2023 and automatically dissolved on the 18 th December 2024. Following the enactment of the VASP Act and the end of the regulatory transition period on the 1 st January 2025, no application for licensing was received by the Authority from any entity associated with the platform.

MEXC Global LTD was named in an FSA press release on the 14 th February 2025 for failing to submit a licence application, with a separate public statement being issued on the 30 th May 2025 which confirmed that the company had been dissolved and did not hold, nor had it ever been issued, any licence or authorisation to conduct virtual asset activities or to operate as a virtual asset service provider in or from Seychelles.

Notwithstanding these publications, the operator of the MEXC platform did not come forward to inform the Authority of its activities or its connection to the jurisdiction.

Identification of MX Global Ltd

Through ongoing supervisory and investigative efforts, including the assessment of submitted information, identification of publicly available information and collaboration with both local and international regulatory partners, the FSA has been able to positively and conclusively identify MX Global Ltd (IBC No. 238047) as the entity operating the MEXC platform.

This follows the continued receipt of complaints, notifications, and information suggesting that the platform may be providing services in or from Seychelles, which prompted the FSA to undertake a targeted supervisory exercise to establish a definitive position.

The exercise yielded corroborative information linking MX Global Ltd, a company incorporated and in good standing under the International Business Companies Act, 2016, to the operation of the platform. However, the Authority emphasises that MX Global Ltd does not hold, and has never been issued with, any licence or authorisation to conduct virtual asset activities or to operate as a virtual asset service provider in or from Seychelles.

No application for licensing under the VASP Act has been received from the company. Further to same, no application for licensing was received by the Authority from any other applicant affiliated with the MEXC platform.

Accordingly, the Authority considers that the entity has been undertaking virtual asset-related activities for which a licence is required, without having obtained the necessary authorisation and was therefore operating in breach of the VASP Act.

Regulatory Breaches Identified

The FSA has determined that MX Global Ltd is in breach of the following provisions:

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 therefore 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.

Given that no licence has been issued, the FSA regrettably advises that it is not in a position to intervene to investigate or facilitate the recovery of funds, in view that MX Global Ltd is not an entity which is licensed and supervised by the Authority for the purpose of virtual asset services.

Any persons who have concerns relating to the MEXC platform or MX Global Ltd are encouraged to the FSA at [email protected] . Such information may be recorded and considered within the context of the Authority’s regulatory actions.

Notwithstanding the above, persons affected are also encouraged to liaise with the relevant law enforcement authorities in their respective jurisdictions on the matter. Where a formal report is made, the competent authority in that jurisdiction may engage with its counterparts in Seychelles through established legal and regulatory cooperation mechanisms.

This is the primary source for the current case. It explicitly mentions collaboration with international regulatory partners and referral to other competent authorities.

Direct enforcement order against MEXC for operating from Seychelles without authorisation.

Public warning that MEXC is operating without the required MiCA licence.

Investor alert listing MEXC Global as unlicensed.

Official warning against MEXC.

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[ Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email [email protected].