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 unverified accusations. He states that he actively used the platform for over a year, but in response to his inquiries, he received only fabricated excuses, absurd demands, and no evidence of wrongdoing.
'I was told that I had to fly to Singapore for personal verification, even though I had 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 note, scheduled a video call... and in the end, they simply extended the block on my account for another year, claiming that there is an 'American investigation' — without providing any evidence.'
According to Ivan, his crypto wallets were marked as 'low-risk' in blockchain analytics systems, and he provided all necessary documents. Despite this, MEXC has 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'm not there. There aren't even people with my last name. MEXC claims there is some investigation by US authorities, but refuses to provide the case number or state who 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 ultimately managed to increase his balance to over $9 million through aggressive futures trading. In January 2025, at the moment of opening a new position, his account was suddenly blocked without explanation.
'They claimed my trading was 'anomalous',' Ivan says. 'But isn't that the point of a crypto exchange — to make profits from trading? If I had lost $9 million instead of making it, would they also call that an anomaly?'
Attempts to resolve the situation through official MEXC channels have either met with silence or strange responses. Someone named 'Derrick', who introduced himself as 'the head of customer service', alternately promised VIP bonuses and threatened with years-long investigations.
'This is not security. This is extortion in slow motion,' Ivan adds. '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 submitted official requests but have yet to receive 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 'scam masquerading as an exchange' and warns others about the risks associated with centralized platforms that lack regulation.
'I want everyone to see what is happening,' he says. 'You can be fully verified, operate 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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