A growing number of traders have raised concerns about funds being deducted from their MEXC accounts, but the exchange has dismissed these complaints as “misinformation.” MEXC has denied accusations that it “steals” profits from customers who make unusually large gains. In a recent post on X, the exchange clarified that “users engaging in normal trading activities will not be affected” by its clawback policies, which are intended to safeguard the platform against suspected market manipulation. However, some users continue to report that funds have been unjustly removed from their accounts.

MEXC, the 11th-largest centralized crypto exchange by trading volume according to CoinMarketCap, handles about $1.3 billion in spot trading volume daily. The platform is particularly known for its perpetual futures trading, with over $7 billion in daily volume.

In a February interview with Cointelegraph, an MEXC user named “Al Gore Rhythms” claimed that his account was frozen and funds were removed after several profitable crypto perpetual futures trades. He reported that his positions in BONK, ICP, SATS, and GROK altcoin perpetuals had seen returns ranging from 380% to 2,200%, when his account suddenly stopped functioning. Attempts to log in produced error messages indicating that the account was restricted due to “risk control.” The user later discovered that $33,658 had allegedly been deducted from his spot account. Despite his balance showing a reduction from $75,054.54 to $41,396.54, this deduction did not appear in his transaction history.

Seeking answers, Al Gore Rhythms contacted MEXC’s customer service and opened a ticket inquiring about the deduction. In response, MEXC allegedly told him that the exchange had taken “measures to recover the losses incurred” due to “abnormal trading activities” on his account. When he requested a transaction record for the amount taken, which he needed for “tax purposes,” he claims the exchange refused to provide this information and later erased his entire transaction history. The user showed Cointelegraph a video of his transaction history, which appeared blank, along with a screenshot of the history before it was deleted.

Cointelegraph was unable to independently verify the allegations or confirm if the video and screenshot were from the same account.

Further communication with MEXC’s customer service allegedly revealed that the funds were deducted to cover “the losses of MEXC.