The White Whale said the “vague review” allowed the exchange to hold customers’ money hostage despite having completed the platform’s most advanced KYC (Know Your Client) process.
Hsueh added in the post on X:
Since I joined MEXC 2 months ago I’ve been fighting behind the scenes to get MEXC to change. We grew really fast—a few years ago, we were a very small exchange, but given our current scale, our risk, operations, and PR teams have not kept up.
Furthermore, the exchange’s CSO clarified that her statement was not limited only to the White Whale’s case. Hsueh said other users with unresolved account issues will also be attended to, as they look to implement changes that will improve their transparency.
It’s worth mentioning that FTX’s Bitcoin reserves were found to have hit zero days before the exchange declared bankruptcy. Hence, if there is to be a repeat of such an incident, the Bitcoin reserves might be worth watching over the next few days.
