TL: DR Breakdown
- MEXC Global has announced that it will retire trading accounts with owners from mainland China before 2022.
- The company claimed that this move is necessary to allow for future expansions.
MEXC Global, one of the largest exchanges in China, will close all accounts belonging to Chinese Citizens before 2022. The exchange said it has to carry out this exercise to create room for other active users to join it in its expansion plans.
MEXC Global lets go of Chinese accounts
Mainland China MEXC trading accounts will no longer be accessible after 2021 since the company plans to retire them. It communicated this development through Twitter posts that explain that it has forged partnerships to help it expand. It also said that the company has a new board, and the previous one will oversee it until all Chinese accounts are retired. After that, the board will also leave the office.
MEXC Global has had quite the year with many ups and downs. This news isn’t shocking since China has been on the frontline of issuing prohibitive instructions regarding cryptos all year. Per reports, China’s Communist party recently expelled one significant official for voicing support for crypto mining firms.
The Twitter Posts also explained that it has an MX Token 2.0 project to give the platform a better experience with blockchain technology.
More about MEXC Global and its 2021 achievements
MEXC Global is a crypto exchange platform in China, and it deals with Altcoins. The platform is also notable due to its commitment to promoting the preservation of the environment.
Moreover, it also attracts attention for its cutting-edge technology and impressive trading volume of over $500 Million.
This year, the exchange has achieved several feats even though it was also affected by the Chinese ban. It has forged partnerships with some blockchains with the highest potential of dominating, like Solana and Polygon.
It also signed the paperwork for a deal with Avalanche, a network known for low gas fees and high transaction speeds. The exchange will help this network in Eco funding and offer technical support to boost its aim to dominate the crypto market. Similarly, the exchange is also working on a deal with Unicrypt.
The exchange has also inked a deal with the DeFi platform Impossible Finance. This DeFi platform is decentralized and aims to improve the launch techniques of DeFi projects. It also offers multi-chain interoperability on chains like Polygon and Ether to offer a chance for proper development of DeFi. This partnership and listing of several DeFi projects show MEXC support to this iteration of coins.
The exchange has also been busy expanding to other Asian countries. According to the company, it focuses not only on its growth but also on giving back to the community. The platform has issued resources to stop the wildfires in Turkey. In November, it also sent its charities on a rescue mission for the flood victims in Zhengzhou, China.