Ivan, a Russian crypto trader and freelance designer from Yekaterinburg, claims that the cryptocurrency exchange MEXC Global (often referred to as MXC) froze his trading account with over $9.15 million under dubious and unsubstantiated accusations. According to him, he actively used the platform for over a year, but in response to his requests, he received only fictitious excuses, absurd demands, and no evidence of wrongdoing.
«I was told that I must fly to Singapore for personal verification, even though I have already completed the full KYC procedure and provided medical documents confirming that I cannot travel due to health reasons,» Ivan recounts. «Then they demanded bank statements, then a doctor's certificate, scheduled a video call… and in the end, they simply extended the account suspension for another year, claiming that an 'American investigation' is underway — without providing any evidence.»
According to Ivan, his crypto wallets were marked as 'low-risk' in blockchain analytics systems, and he provided all the necessary documents. Despite this, MEXC has still not provided any evidence of illegal activity or sanctions.
«I have never been to the USA in my life,» he says. «I even checked the official US sanctions list myself — I am not there. There aren’t even people with my last name. MEXC claims that there is some investigation by the US authorities, but refuses to provide the case number or who exactly is investigating what.»
Ivan's story began after months of volatile trading. Having invested $30,000 in May 2024, he went through a series of liquidations but eventually managed to increase his balance to over $9 million thanks to aggressive futures trading. In January 2025, at the moment of opening a new position, his account was suddenly blocked without explanation.
«They claimed that my trading was 'anomalous',» says Ivan. «But isn't the point of a cryptocurrency exchange to make a profit from trading? If I had lost $9 million instead of making it, would they also call it an anomaly?»
Attempts to resolve the situation through official MEXC channels met either with silence or strange responses. Someone named 'Derrick', who introduced himself as 'head of customer relations', alternately promised VIP bonuses and threatened with a multi-year investigation.
«This is not security. This is extortion in slow motion,» adds Ivan. «If they had a real reason for blocking, they would present it. Instead, they hide behind a veil of secrecy, holding my money hostage.»
The lawyers representing Ivan have sent official requests but have not yet received a clear response. They are now preparing for international arbitration, although they warn that MEXC may simply not show up in court — this has happened in similar cases before.
Ivan now publicly calls MEXC a 'fraud scheme disguised as an exchange' and warns others about the risks associated with unregulated centralized platforms.
«I want everyone to see what is happening,» he says. «You can be fully verified, act 100% legally — and still lose everything under the pretext of 'compliance'».
Watch the full interview on YouTube:
https://youtu.be/BtHhg4Q-WcY
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