Crypto exchange MEXC is withdrawing from France, marking its fourth country-level exit since September. The exchange announced on October 28 that it would gradually discontinue services to French customers, with outstanding trading positions automatically closed by January 22, 2027, and withdrawals terminated by March 5.
The retreat from France follows earlier withdrawals from the Netherlands on September 29, and from Russia and Belarus on October 20, all cited as part of regulatory compliance efforts. The French withdrawal is particularly significant given that the country's financial regulator, the Autorité des Marchés Financiers (AMF), blacklisted MEXC in June 2024 for operating without required authorization.
MEXC said French customers would face restrictions in four batches beginning November 18, preventing new positions or deposits once restrictions take effect. The exchange is offering affected French customers referrals to EU-regulated trading platforms, though users must independently open accounts and transfer holdings before the deadline.
The market exits contrast with CEO Vugar Usi's broader strategy since taking the role in April. Usi has outlined plans to transform MEXC from a platform historically associated with cryptocurrency speculation into a diversified trading business offering tokenized equities, commodities, and prediction markets.
MEXC's approximately 40 million users, more than 90 percent of whom are retail customers, provide an established audience for new financial products. According to the exchange's September trading report, tokenized US stock spot trading volume increased 81 percent month over month, while trading in AI-related tokenized equities and ETFs rose 88 percent. MEXC now offers more than 450 stock and index futures trading pairs and over 200 tokenized US equities.
The company is exploring external partnerships to strengthen its international business. Earlier this month, MEXC disclosed exploratory discussions with Payward, the parent company of cryptocurrency exchange Kraken, regarding potential collaboration involving market access, trading infrastructure, and liquidity. Neither company has announced a definitive agreement.
The regulatory constraints facing MEXC reflect Europe's Markets in Crypto-Assets Regulation (MiCA), which imposes authorization requirements on cryptocurrency service providers, increasing pressure on exchanges operating without necessary approvals.
