Seychelles FSA Enforces Action Against Unlicensed MEXC Crypto Exchange Operations

On May 26, 2026, the Financial Services Authority of Seychelles (FSA) identified MX Global Ltd as the operator of the MEXC cryptocurrency exchange, which has been operating without the required license under the Virtual Asset Service Providers Act, 2024. The FSA's enforcement action follows the dissolution of MEXC Global LTD, the platform's previously associated company, which was struck off the Seychelles register in August 2023. No licensing applications have been received from MX Global Ltd or any affiliated entities since the VASP Act's transitional period ended on January 1, 2025. The FSA's investigation was prompted by ongoing complaints and notifications regarding MEXC's operations in Seychelles. This enforcement action signals a tightening of regulations for offshore crypto platforms.

Key Points: • MX Global Ltd operates MEXC exchange without a license under Seychelles law. • The FSA's action follows the dissolution of MEXC Global LTD in December 2024. • No licensing applications have been submitted since the VASP Act's transitional period ended.