MEXC Refers French Clients to Kraken as Its EU Retreat Widens
MEXC will refer eligible French clients to Kraken as it halts services in the European Union, following a regulatory crackdown.
MEXC has announced that eligible French customers will be referred to the regulated crypto exchange Kraken, extending a transition arrangement the two platforms previously used in the Netherlands.
The move is part of MEXC’s broader retreat from the European Union, which began after the French financial regulator, the AMF, added the platform to its blacklist in June 2024 for operating without proper authorisation.
Kraken’s crypto services in France are provided by Payward Europe Solutions Limited, which is authorised under the Markets in Crypto-Assets (MiCA) regulation in Ireland and listed by the AMF as permitted to serve French clients.
Trading Restrictions Begin in November
MEXC has divided affected customers into four groups based on their account and identity verification information, with the first group entering the wind-down process on November 18, 2026.
Trading restrictions will then apply to subsequent groups on December 10, December 31, and January 22, 2027, preventing customers from opening new positions or making new spot purchases.
Existing positions can still be reduced or closed, liabilities repaid, and assets withdrawn, but MEXC plans to automatically close any remaining positions at 00:00 on January 22, 2027.
For customers in the fourth group, that is also when wind-down restrictions begin, so they must close positions by January 21 to avoid automatic closure.
Withdrawals Close in March
All affected accounts will move to withdrawal-only status on January 25, 2027, with the withdrawal window closing at 00:00 on March 5, 2027.
MEXC has stated that assets remaining after the withdrawal deadline will be transferred to a regulated custodian, but it has not identified the company or explained how customers will later claim those holdings.
The referral does not automatically move customer accounts, balances, or trading positions, and French users choosing Kraken will need to open a separate account, complete KYC procedures, and transfer their assets themselves.
Related
