MEXC Redirects French Users to Kraken Amid Regulatory Shift
MEXC intends to direct suitable French users to Kraken, continuing the cooperative offboarding strategy the platforms utilized in the Netherlands.
Kraken made this statement after MEXC’s October 28 notice regarding the gradual cessation of services for French-linked users. MEXC cited regulatory alignment as the reason for this move.
Per the statement, the referral process does not automatically transfer account balances, holdings, or trading positions. French clients who select Kraken must create a separate account, undergo KYC procedures, and manually move their assets.
Payward Europe Solutions Limited provides Kraken’s crypto offerings in France, a firm authorized under MiCA in Ireland and recognized by the AMF as authorized to serve French nationals.
Trading restrictions commence in November. MEXC has sorted impacted users into four groups according to their verification status. The first group begins the wind-down process on November 18, 2026, with subsequent groups following on December 10, December 31, and January 22, 2027.
When an account enters wind-down mode, the user is prohibited from opening or increasing positions, making new spot purchases, or depositing additional funds. However, users can still reduce or close existing positions, repay liabilities, and withdraw assets.
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MEXC intends to liquidate any remaining positions automatically at 00:00 on January 22, 2027. For the fourth group, these restrictions start then as well, meaning they must close positions by January 21 to prevent automatic closure.
By January 25, all affected accounts will switch to withdrawal-only status. Withdrawals via MEXC will cease at 00:00 on March 5, 2027, instead of remaining accessible for the entire day.
Earlier, MEXC halted services for Dutch customers and suggested regulated options like Kraken and Bybit EU. Clients who opted for a different exchange were required to open a new account, as MEXC accounts were not migrated.
This French action follows a prior regulatory alert. The AMF added www.mexc.com to its blacklist on June 4, 2024, and listed the site the next day among warnings for websites offering digital assets without proper authorization.
In France, MEXC notes that remaining assets will be transferred to a regulated custodian after the deadline, though the specific entity has not been named and there is no explanation on how users can reclaim these holdings.
