How to read these grades: each is derived from published, checkable disclosures — proof-of-reserves attestations, public regulatory registers, disclosed insurance funds and the documented incident record — using the weighted rubric below. Where an exchange does not disclose something, we mark it unverified rather than assume it. These are not audits and not investment advice; they reflect what was published as of our last review.
MEXC
MEXC publishes a proof-of-reserves page stating a reserve-rate methodology and cites a $100m Guardian Fund through a single source; Estonia's financial intelligence unit revoked its VASP licence in November 2023.
BySafety DeskSenior Exchange Safety Editor
Our MEXC review
MEXC scores a B- on a record where almost every item is present in outline and absent in detail. It publishes a proof-of-reserves page with no figures on it, cites a $100m fund nobody else confirms, and holds registrations that are not exchange licences.
What checks out
We found no confirmed major security incident, which on a rubric that weights incident history at 10% is a genuine point in its favour. There is a proof-of-reserves page and it does state a reserve-rate methodology, so the programme exists as a stated commitment rather than as nothing at all.
Where the evidence stops
Almost everywhere else. The reserve page publishes no figures we could extract; a June 2026 Hacken-audited snapshot reported at 114–269% coverage comes from third parties and could not be confirmed against the primary page. The cold/hot storage split is not disclosed. The $100m "Guardian Fund" rests on a single third-party source and is not confirmed by any primary MEXC disclosure — a fund one outlet mentions is not a fund you can rely on. On regulation, the FinCEN MSB, AUSTRAC, Canadian MSB and Swiss VQF entries are anti-money-laundering monitoring obligations, not permissions to run an exchange, and the distinction matters because the first is a filing and the second is supervision. Estonia's Financial Intelligence Unit revoked MEXC Estonia OÜ's licence in November 2023, and a June 2024 blacklist entry surfaced in our research with no clear issuing body or stated consequence, so we record it and do not weigh it.
How to read the grade
The B- is carried by an absence of bad news rather than a presence of evidence. Nothing here has failed; very little here has been shown.
Grade breakdown
Every KripZen grade comes from the same five weighted checks. Here is how MEXC scores on each.
- Proof of reservesWeight 30%
The proof-of-reserves page states a reserve-rate methodology but publishes no figures we could extract; a June 2026 Hacken-audited snapshot at 114–269% coverage is reported by third parties and could not be confirmed against the primary page.
What this means → partial or unverified - CustodyWeight 25%
Cold/hot storage split is not disclosed; we could not confirm it from a primary source.
What this means → partial or unverified - RegulationWeight 20%
Holds FinCEN MSB, AUSTRAC, Canadian MSB and Swiss VQF registrations — AML monitoring obligations rather than exchange licences. Estonia's Financial Intelligence Unit revoked MEXC Estonia OÜ's licence in November 2023, and a June 2024 blacklist entry surfaced in our research without a clear issuing body or stated consequence.
What this means → partial or unverified - InsuranceWeight 15%
A $100m 'Guardian Fund' is cited by a single third-party source and is not confirmed by any primary MEXC disclosure.
partial or unverified - Incident historyWeight 10%
No confirmed major security incident found in our research.
meets this factor