MEXC Refers French Clients to Kraken as Its EU Retreat Widens

MEXC will refer eligible French customers to Kraken, extending a transition arrangement the two crypto exchanges previously used in the Netherlands.

London's trading industry is coming home!

The Kraken announcement follows MEXC’s October 28 notice that it would gradually stop serving users linked to France. MEXC attributed the decision to regulatory alignment.

The referral does not automatically move customer accounts, balances or trading positions, according to the announcement. French users choosing Kraken will need to open a separate account, complete KYC procedures and transfer their assets themselves.

Kraken’s crypto services in France are provided by Payward Europe Solutions Limited, which is authorised under MiCA 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. The first group enters the wind-down process on November 18, 2026, followed by others on December 10, December 31 and January 22, 2027.

Once an account enters wind-down mode, the customer cannot open or increase positions, make new spot purchases or deposit additional funds. Existing positions can still be reduced or closed, liabilities repaid and assets withdrawn.

MEXC plans to close any remaining positions automatically 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.

All affected accounts move to withdrawal-only status on January 25. Withdrawals through MEXC close at 00:00 on March 5, 2027, rather than remaining available throughout that day.

France Extends an Earlier EU Exit

MEXC previously stopped serving customers in the Netherlands and recommended regulated alternatives, including Kraken and Bybit EU. Customers who chose another exchange had to open a new account; their MEXC accounts were not migrated.

The French withdrawal also follows an earlier regulatory warning. The AMF added www.mexc.com to its blacklist on June 4, 2024, and included the platform in a public warning the following day about websites offering digital-asset services without the required authorisation.

MEXC has named Kraken as the custodian for assets left by Dutch customers after offboarding, a separate arrangement that does not require them to open a Kraken account.

For France, MEXC says assets remaining after the withdrawal deadline will go to a regulated custodian, but it has not identified the company or explained how customers will later claim those holdings.