The Financial Services Authority of Seychelles (FSA) says it has identified MX Global Ltd as the entity operating the MEXC cryptocurrency exchange platform without a licence. This is under the Virtual Asset Service Providers Act, 2024.
According to the authority, MX Global Ltd is a Seychelles-incorporated International Business Company. It is linked to the operation of the MEXC platform.
The FSA said the platform was previously linked to MEXC Global LTD under the International Business Companies Act, 2016. Seychelles authorities struck the company off the register on 17 August 2023. They dissolved the company on 18 December 2024.
The authority said that, following the introduction of the VASP Act and the end of the transition period on 1 January 2025, it did not receive any licence application from entities linked to the platform. In other words, no applications were received.
The FSA also referred to earlier public notices issued in February and May 2025. Those notices stated that MEXC Global LTD did not hold, and had never been issued, a licence to provide virtual asset services in or from Seychelles.
According to the authority, the operator of the MEXC platform did not contact the FSA. It did not disclose its activities or its connection to Seychelles.
The regulator said it identified MX Global Ltd through supervisory and investigative work. This included cooperation with local and international regulatory partners.
The FSA said it had received complaints, notifications and information suggesting that the platform could be providing services in or from Seychelles. As a result, this prompted what it described as a targeted supervisory exercise.
According to the authority, that exercise produced information linking MX Global Ltd to the operation of the MEXC platform.
However, the FSA said MX Global Ltd does not hold, and has never been issued, a licence or authorisation to provide virtual asset services in or from Seychelles.
The authority added that it had not received any licence application under the VASP Act from MX Global Ltd. It had not received any application from any affiliated entity connected to the MEXC platform either.
The FSA said it had determined that MX Global Ltd was operating in breach of Section 5 of the VASP Act. Moreover, this was by carrying out virtual asset-related activities without authorisation from 1 January 2025.
The authority also said the company was in breach of Section 5(2)(g)(ii) of the International Business Companies Act, 2016.
The FSA said it was initiating enforcement measures against the company. Furthermore, it added that the matter had been referred to the relevant competent authority for assessment and consideration of possible legal action.
The regulator warned that MX Global Ltd is not authorised to provide virtual asset services in or from Seychelles.
The authority advised investors, counterparties and members of the public to exercise caution when dealing with the company or the MEXC platform.
The FSA also said it could not investigate or facilitate the recovery of funds linked to the company. This is because MX Global Ltd is not licensed or supervised by the authority for virtual asset services.