Whistleblower Appeal: The Red-Listed Crypto Exchange MEXC and Its Relationship with Lithuanian EMI Paytend
The crypto exchange MEXC has repeatedly drawn regulatory scrutiny and has been placed on the Red Compliance List by Scam-Or Project due to numerous regulatory warnings and persistent negative customer feedback.
Previous investigations established that MEXC processes FIAT payments for cryptocurrency purchases via MEXC Estonia OÜ, an Estonian entity that previously held a crypto license. This company relies on Paytend Europe UAB, operating under the brand Paytend, a Lithuanian-licensed electronic money institution (EMI), to manage FIAT transfers through the traditional banking system.
Key Findings and Critical Concerns
1. Concentrated Customer Dependency
An evaluation of Similarweb analytics indicates a striking pattern:
- Nearly 95% of referral traffic to Paytend’s website originates from MEXC sources.
- This suggests that MEXC may represent a dominant client relationship for Paytend.
- Payment instruction screenshots from MEXC further confirm this operational connection.
Such traffic concentration raises questions regarding the depth of commercial dependency between the two entities.
2. Structural and Operational Ambiguity
Publicly, MEXC Estonia OÜ is presented as a separate entity from the broader MEXC crypto exchange.
However, investigative findings suggest otherwise:
- MEXC Estonia appears operationally embedded within the MEXC Group.
- It effectively functions as a European payment conduit for MEXC’s activities within the EU.
- Although the Estonian Financial Intelligence Unit (FIU) revoked MEXC Estonia’s crypto license at the end of 2023, the company continues operating pending judicial review after filing an appeal.
This discrepancy between official positioning and practical operations warrants closer regulatory examination.
3. Chinese Background and Network Links
Both MEXC and Paytend display notable Chinese connections.
- Paytend Europe UAB was incorporated in 2017 as part of the broader Chinese Paytend structure.
- It obtained its EMI license from the Bank of Lithuania in early 2018.
- MEXC EU platforms contain Chinese-language descriptions.
- Referral traffic flows reinforce a tightly interconnected ecosystem.
These patterns indicate strong transnational ties that may influence operational alignment and governance.
Broader Compliance Concerns Surrounding MEXC
MEXC conducts business in a highly opaque manner and lacks transparent regulatory authorization in many jurisdictions where it markets crypto financial services.
Additional concerns include:
- Absence of clear licensing in several operational regions.
- Continued activity in the Russian market despite sanctions frameworks.
- Multiple regulatory warnings from European and international authorities.
Similarweb Traffic Analysis Overview
| Metric | Observations |
|---|---|
| Referral Traffic Share | Nearly 50% of Paytend visitors arrive via referral sources |
| MEXC Referral Share | Approximately 95% of referral traffic comes from MEXC OTC (https://otc.mexc.com) |
| Geographic Distribution | Over 12% of visitors originate from Russia, which ranks first in MEXC’s country traffic |
| Website Volume | Fewer than 9,000 total visitors to Paytend over the 28 days prior to May 24, 2024 |
MEXC – Key Corporate Data
| Category | Details |
|---|---|
| Trading Names | MEXC, MEXC Global, MEXC Ventures |
| Business Activity | Crypto exchange |
| Domains |
www.mexc.com www.mexceu.com https://m-ventures.io |
| Social Media | LinkedIn, X, Instagram |
| Legal Entities |
MXC Technology Pte. Ltd. MEXC Global Ltd MEXC Estonia OÜ MEXC Lithuania, UAB MX Global Ltd |
| Contact Emails |
[email protected] [email protected] |
| Jurisdictions | Seychelles, Singapore, England (User Agreement) |
| Related Individuals |
John Chen (LinkedIn) a/k/a John Chen Ju Yichen Peng Ljudmila Budnikova |
| Authorization | Estonian FIU crypto license (revoked, under appeal) |
| Payment Options | Crypto, credit/debit card |
| Payment Processors | MoonPay, Banxa, Simplex, Paytend |
| Trustpilot Rating | 1.3 stars (“Poor”) |
| Compliance Rating | Red |
| Regulatory Warnings | BaFin, FMA, BCSC, SFC, FCA, CNMV |
Call for Whistleblower Information
In light of the overlapping operations and structural interdependencies between MEXC and Paytend, Scam-Or Project is seeking additional information regarding:
- The true nature of Paytend’s Chinese affiliations
- The operational depth of its cooperation with MEXC
- Any potential regulatory breaches or compliance irregularities
- The scope of FIAT processing arrangements in the EU
The close alignment between these entities raises material questions about transparency, risk exposure, and regulatory accountability.
If you possess relevant information, documentation, or insights, please submit them via the Scam-Or Project website. Confidentiality and anonymity are strictly protected.
