SEYCHELLES FSA Enforcement Against MEXC VASP, Signalling Tighter Global Oversight of Offshore Crypto Platforms

On 26 May 2026, the Financial Services Authority of Seychelles (FSA) announced it has identified MX Global Ltd (IBC No. 238047) as the Seychelles-registered entity operating the major cryptocurrency exchange MEXC (www.mexc.com) without the required licence under the Virtual Asset Service Providers Act, 2024.

This marks the latest and most direct regulatory move against the platform in Seychelles, following the dissolution of its previously associated company and the end of the VASP Act's transitional period on 1 January 2025.

The FSA determined that MX Global Ltd has been carrying on virtual asset services in or from Seychelles without authorisation, in breach of both the VASP Act and the International Business Companies Act.

The Global Connection to Seychelles

• The FSA's latest enforcement action explicitly references collaboration with international regulatory partners during the investigation. It states that the matter has been referred to the "relevant competent authority" for further action.
• This reflects a growing trend of cross-border cooperation.
• By acting against the current operating entity and signalling willingness to share information internationally, the Seychelles FSA is aligning itself with the broader global effort to bring offshore crypto platforms into compliance — or force them out of regulated markets.
• This development underscores a key shift: even traditional "crypto-friendly" offshore hubs like Seychelles are now actively enforcing licensing requirements, with increasing coordination among regulators worldwide.

Other regulators have already taken parallel steps against MEXC:

• Belgium's FSMA issued a formal order in July 2024 requiring the platform to cease certain services to Belgian clients.
• The Netherlands' AFM has publicly warned that MEXC is operating without the necessary MiCA authorisation.
• Regulators in Australia, Canada, Germany, and Austria have also issued warnings.

Seychelles FSA action

The Financial Services Authority of Seychelles (FSA), through its Virtual Asset Services Supervision Section (VASSS),

• Has formally identified MX Global Ltd (IBC No. 238047) as the Seychelles-registered entity operating the MEXC cryptocurrency exchange (www.mexc.com) without the required licence under the Virtual Asset Service Providers Act, 2024 (VASP Act).

The company is in breach of Seychelles law and is subject to ongoing enforcement action.

Key Findings

• Current Operator Identified:
1. MX Global Ltd is the entity running the MEXC platform. It is incorporated and in good standing under the International Business Companies Act, 2016, but has never held a VASP licence.
• Historical Context:
1. The platform was previously associated with MEXC Global LTD (IBC No. 218833), which was struck off the register in August 2023 and automatically dissolved in December 2024.
2. Any affiliated entity submitted no licensing application after the VASP Act transition period ended on 1 January 2025.
• Prior Warnings Ignored:
1. The FSA had already publicly flagged the platform's non-compliance in press releases dated 14 February 2025 and 30 May 2025. Despite these notices, the operator did not contact the Authority or regularise its activities.
• Regulatory Breaches Confirmed:
1. Section 5 of the VASP Act — Carrying on virtual asset services in or from Seychelles without authorisation (from 1 January 2025 to present).
2. Section 5(2)(g)(ii) of the IBC Act, 2016 — An IBC conducting virtual asset business without the necessary VASP licence.

Enforcement Actions

• The FSA is initiating appropriate enforcement measures, including referral to the relevant competent authority for further assessment and potential legal proceedings.

Public Warning:

• MX Global Ltd is not authorised to provide virtual asset services in or from Seychelles. Investors, users, and counterparties are advised to exercise extreme caution when dealing with the company or the MEXC platform.

Important Implications for Stakeholders

• The FSA cannot investigate complaints or facilitate recovery of funds, as MX Global Ltd is not a licensed or supervised entity.
• Affected parties should:
• Report concerns directly to the FSA at complaints@fsaseychelles.sc
• Contact law enforcement authorities in their own jurisdictions
• This action demonstrates the FSA's commitment to robust supervision of the virtual assets sector following the full implementation of the VASP Act.

This summary is intended for quick briefing of executives, compliance teams, or risk committees.

Full press release follows below.

FSA Takes Enforcement Action Against MX Global Ltd for Unlicensed Virtual Asset Services Operations

Company identified as the entity operating MEXC crypto exchange without authorisation under the Virtual Asset Service Providers Act, 2024

The Financial Services Authority of Seychelles (FSA/the Authority), through its Virtual Asset Services Supervision Section (VASSS), has positively identified and determined that MX Global Ltd, a Seychelles-incorporated International Business Company (IBC), is the entity operating the MEXC cryptocurrency exchange platform (www.mexc.com) without the required licence under the Virtual Asset Service Providers Act, 2024 (VASP Act).

The MEXC platform was historically associated with MEXC Global LTD (IBC No. 218833), a company previously incorporated under the International Business Companies Act, 2016, and was subsequently struck off the Seychelles register on the 17^th August 2023 and automatically dissolved on the 18^th December 2024. Following the enactment of the VASP Act and the end of the regulatory transition period on the 1^st January 2025, no application for licensing was received by the Authority from any entity associated with the platform.

MEXC Global LTD was named in an FSA press release on the 14^th February 2025 for failing to submit a  licence application, with a separate public statement being issued on the 30^th May 2025 which confirmed that the company had been dissolved and did not hold, nor had it ever been issued, any licence or authorisation to conduct virtual asset activities or to operate as a virtual asset service provider in or from Seychelles.

Notwithstanding these publications, the operator of the MEXC platform did not come forward to inform the Authority of its activities or its connection to the jurisdiction.

Identification of MX Global Ltd

Through ongoing supervisory and investigative efforts, including the assessment of submitted information, identification of publicly available information and collaboration with both local and international regulatory partners, the FSA has been able to positively and conclusively identify MX Global Ltd (IBC No. 238047) as the entity operating the MEXC platform.

This follows the continued receipt of complaints, notifications, and information suggesting that the platform may be providing services in or from Seychelles, which prompted the FSA to undertake a targeted supervisory exercise to establish a definitive position.

The exercise yielded corroborative information linking MX Global Ltd, a company incorporated and in good standing under the International Business Companies Act, 2016, to the operation of the platform. However, the Authority emphasises that MX Global Ltd does not hold, and has never been issued with, any licence or authorisation to conduct virtual asset activities or to operate as a virtual asset service provider in or from Seychelles.

No application for licensing under the VASP Act has been received from the company. Further to same, no application for licensing was received by the Authority from any other applicant affiliated with the MEXC platform.

Accordingly, the Authority considers that the entity has been undertaking virtual asset-related activities for which a licence is required, without having obtained the necessary authorisation and was therefore operating in breach of the VASP Act.

Regulatory Breaches Identified

The FSA has determined that MX Global Ltd is in breach of the following provisions:

1. Section 5 of the VASP Act:Carrying on or purporting to carry on the business of virtual asset services in or from Seychelles without the required authorisation, for the period from 1^st January 2025 to date.
2. Section 5(2)(g)(ii) of the International Business Companies Act, 2016 (IBC Act):Carrying on the business of virtual asset services in or from Seychelles as an IBC without the necessary licence under the VASP Act.

Enforcement Actions

In light of the above, the FSA is in the process of initiating the appropriate enforcement measures in respect to the identified company operating the platform including the referral to the relevant competent authority for further assessment and consideration of any legal action.

Notice to the Public

The public is therefore reminded that MX Global Ltd is not authorised to provide virtual asset services in or from the Republic of Seychelles. Members of the public, investors, and counterparties are advised to exercise caution when dealing with this entity or the MEXC platform.

Given that no licence has been issued, the FSA regrettably advises that it is not in a position to intervene to investigate or facilitate the recovery of funds, in view that MX Global Ltd is not an entity which is licensed and supervised by the Authority for the purpose of virtual asset services. 

Any persons who have concerns relating to the MEXC platform or MX Global Ltd are encouraged to contact the FSA at complaints@fsaseychelles.sc. Such information may be recorded and considered within the context of the Authority’s regulatory actions.

Notwithstanding the above, persons affected are also encouraged to liaise with the relevant law enforcement authorities in their respective jurisdictions on the matter. Where a formal report is made, the competent authority in that jurisdiction may engage with its counterparts in Seychelles through established legal and regulatory cooperation mechanisms.

Sources

1. Seychelles FSA – Official Press Release (International Cooperation)

This is the primary source for the current case. It explicitly mentions collaboration with international regulatory partners and referral to other competent authorities.

• Source: FSA Takes Enforcement Action Against MX Global Ltd (Published 26 May 2026)
• https://fsaseychelles.sc/news/press-releases/fsa-takes-enforcement-action-against-mx-global-ltd-for-unlicensed-virtual-asset-services-operations

2. Belgium – FSMA (Financial Services and Markets Authority)

Direct enforcement order against MEXC for operating from Seychelles without authorisation.

• Source: FSMA orders Mexc Global LTD to cease services in Belgium (Published 24 July 2024) → Explicitly states the company is governed by Seychelles law and is violating Belgian rules by offering services from a non-EEA country.
• https://www.fsma.be/en/news/mexc-global-ltd-wwwmexccom-order

3. Netherlands – AFM (Autoriteit Financiële Markten)

Public warning that MEXC is operating without the required MiCA licence.

• Source: AFM waarschuwt consumenten voor cryptoplatform MEXC (Published 24 September 2025)
• https://www.afm.nl/nl-nl/sector/actueel/2025/sep/mr-mexc-waarschuwing

4. Australia – ASIC (Australian Securities and Investments Commission)

Investor alert listing MEXC Global as unlicensed.

• Source: Investor warning – MEXC Global (www.mexc.com)
• https://moneysmart.gov.au/check-and-report-scams/investor-alert-list#!mexc-global-www-mexc-com--2042

5. Austria – FMA (Financial Market Authority)

Official warning against MEXC.

• Source: FMA Warning – MEXC.com (Published 2 September 2023)
• https://www.fma.gv.at/en/mexc/