NEW YORK, Feb 8, 2026, 07:44 EST
- MEXC’s latest security review singled out its withdrawal controls, 2FA setup, and quick-freeze account options.
- MEXC’s documentation spells out both anti-phishing code options and withdrawal restrictions tied to whitelists.
- Proof-of-reserves reports often overlook important risks, and MEXC notes its service isn’t available in a number of major jurisdictions
On Sunday, a security review reported that crypto exchange MEXC is relying on withdrawal locks, two-factor authentication, and a so-called “Freeze Account” feature to fend off account takeovers—moves that come as centralized platforms aim to shore up confidence on custody risk. The review also listed cold storage, multi-signature wallets, and encryption among the security measures MEXC employs. 1
Security is now front and center for major exchanges holding customer assets in pooled wallets, regardless of how polished or user-friendly the trading interface may appear. That feature is driving both their marketing and the scrutiny they face.
“Proof of reserves” reports—often touted by the industry as a way to demonstrate exchanges actually possess the crypto owed to users—have become a go-to credential. But the U.S. Public Company Accounting Oversight Board (PCAOB) isn’t convinced. The audit regulator cautions these reports are “inherently limited” and stresses they aren’t audits, warning customers not to view them as solid assurance. 2
MEXC’s documentation spells out withdrawal settings that let users restrict withdrawals to a set list of approved addresses. It also details “fast withdrawal” limits—smaller amounts may bypass two-factor authentication (2FA), depending on the user’s verification setup. For added security, if a restriction is enabled, any newly whitelisted address comes with a 24-hour hold before withdrawals are allowed. 3
MEXC points to its anti-phishing code feature for tackling email scams. Users can create a custom identifier that shows up in legitimate messages, making it easier to flag fakes. 4
The exchange mentions some built-in cooling-off measures. According to one company guide, updating important security settings may prompt a 24-hour freeze on withdrawals. There’s also a self-freeze feature—if users spot unusual activity, they can lock down logins and trading themselves. 5
MEXC also highlighted its $100 million “Guardian Fund,” created to address specific security incidents and backed by wallet addresses made public. “At MEXC, we take security seriously—and we take action,” said Tracy Jin, who was the exchange’s chief operating officer at the time the fund launched in June 2025. 6
Regulation is still the tougher hurdle. MEXC, in a Feb. 3 post, stated it doesn’t provide services or allow signups from the United States, Singapore, and a handful of other places. The exchange also spelled out download restrictions for its app in markets like Japan, India, the United Kingdom, and South Korea. 7
Competitors have also been vocal on the topics of transparency and user protections. On Dec. 31, Binance co-CEOs Yi He and Richard Teng said in a letter that the platform’s user asset balances—“publicly verified via Proof of Reserves”—stood at $162.8 billion. 8
The marketing push hasn’t gone anywhere. On Feb. 5, Memeburn ran a guide plugging MEXC referral codes, laying out how users could earn sign-up rewards by completing tasks like trading or bringing in fresh accounts. 9
Security settings don’t do much unless users actually enable them. Reserve reports? They’re just snapshots—easy to miss liabilities, loans, or other claims that could bite hard in a crunch. Regulatory hurdles can move fast too, sometimes changing access overnight, leaving exchanges and their clients scrambling for alternatives or even halting trading outright.
FilmoGaz’s review found MEXC provides a range of controls, yet flagged uncertainty around its licensing for those focused on compliance. Traders face an uneasy choice—grab convenience and liquidity in the present, or risk exposure that might only become clear if withdrawals spike.
