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 (www.mexc.com) 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:

1.  Section 5 of the VASP Act: Carrying on or purporting to carry on the business of virtual asset services in or from Seychelles without the required authorisation, for the period from 1^st January 2025 to date.

2.  Section 5(2)(g)(ii) of the International Business Companies Act, 2016 (IBC Act): Carrying on the business of virtual asset services in or from Seychelles as an IBC without the necessary licence under the VASP Act.

Enforcement Actions

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.

Notice to the Public

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 contact the FSA at complaints@fsaseychelles.sc. 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.

Financial Services Authority

We write to advise all licensees and stakeholders that, in compliance with Circular No. 03 of 2026 issued by the Government of Seychelles, our office will be transitioning to a work-from-home arrangement with immediate effect. This measure forms part of a broader national initiative to conserve energy across the public sector.

In light of these arrangements, we strongly encourage all licensees and industry participants to submit documents, applications, and correspondences digitally wherever possible. This will facilitate the timely processing of your submissions and contribute to the continued efficiency of our operations during this period. Where applicable, stakeholders are also encouraged to utilise secure digital signature platforms, such as DocuSign or WISeKey, for the execution of documents, in line with FSA’s Circular No. 13 of 2020 – Acceptance of Digitally Signed Documents.

We wish to assure all stakeholders that these arrangements will have no impact on the delivery standards of our services. All regulatory functions, processing timelines, and day-to-day business activities will continue to operate as normal. Our teams remain fully accessible via email and telephone, and all requests will be attended to without disruption. Stakeholders who experience any service delays or challenges are encouraged to promptly contact the relevant Head of Section or the Chief Executive Officer so that these can be addressed in a timely manner.

We thank you for your understanding and continued cooperation. Should you have any queries regarding the above, please do not hesitate to contact our office through the usual channels.

Financial Services Authority

The Financial Services Authority (FSA) wishes to advise the public as to the circulation of a post from a Facebook account alleging to be Mr Wavel Ramkalawan, the President of the Republic of Seychelles, in respect to the launching of a ‘National Coin’ on the Solana blockchain.

Persons are advised that this post is a scam and the Government of Seychelles has not issued or caused to be issued a ‘National Coin’.

Consumers are reminded to always check whether the VASP or VA products being offered to them are actually licensed/authorized and regulated in the jurisdiction from which they claim to operate. To note, the FSA publishes upon its website all persons authorised or licensed to offer non-bank financial services, including virtual asset services as well as the registration of Initial Coin Offerings or Non-Fungible Tokens.

The Seychelles continues to monitor activities within this domain and the public is encouraged to notify the FSA where they may feel they are engaging with VASPs that are operating without the proper licence or authorisation by making use of the form available on the FSA website at the following link, https://fsaseychelles.sc/vasp/report-suspected-unauthorized-or-unlicensed-va-vasp-activity. 

For any further enquiries, please contact the FSA on vass@fsaseychelles.sc.  

Financial Services Authority