Crypto Trader Escalates Pressure on MEXC, Demands $2.5 Million Over Alleged In-Person KYC Request
A prominent figure in the cryptocurrency community, identified as the "White Whale," has significantly increased a public pressure campaign against the digital asset exchange MEXC, now demanding $2.5 million. This escalation stems from the trader's assertion that MEXC requested an in-person Know Your Customer (KYC) verification in Malaysia, an unusual and potentially intrusive requirement for an online trading platform. The incident underscores growing tensions between user privacy expectations and exchange compliance obligations within the volatile crypto market.
The Heart of the Dispute
The core of the "White Whale's" grievance lies in the alleged demand for a physical, in-person KYC verification. While standard KYC processes involve remote submission of personal identification documents to comply with Anti-Money Laundering (AML) regulations, an explicit request for an in-person meeting in a specific country like Malaysia is uncommon for an international exchange. The trader initially launched a social media campaign to highlight the issue, which has now intensified with the increased financial demand. This "bounty," as termed by the trader, represents a significant escalation in public pressure tactics against MEXC.
This public confrontation brings to light the delicate balance exchanges must maintain between stringent regulatory compliance and user experience. As global regulations tighten, exchanges are implementing more robust verification procedures, yet the nature and extent of these requirements, especially when deviating from standard remote practices, can ignite controversy and impact user trust. The situation highlights the ongoing debate within the crypto sphere regarding personal data privacy, operational transparency, and the reach of an exchange's verification policies across diverse jurisdictions.