MEXC's Record Campaign Can't Outpace Trust Crisis from Past Missteps

MEXC's USDf Unbound Campaign, which ran from October 3 to November 2, 2025, concluded with over 200,000 participants and daily trading volumes exceeding $50 million in Falcon Finance's FF and USDf tokens, according to GlobeNewswire. The initiative, a collaboration with Falcon Finance, offered zero-fee trading on multiple pairs and high-yield staking rewards of up to 200% APR. FF/USDT spot pairs maintained daily volumes between $30 million and $100 million, while FFUSDT perpetual futures averaged over $30 million in volume, peaking at $164 million. The campaign drove a 136% increase in FF and USDf token holders, underscoring MEXC's role in fostering emerging crypto projects.

Despite this success, the exchange faces ongoing trust challenges. Earlier this year, MEXC drew criticism after mistakenly freezing $3 million in funds belonging to crypto whale "The White Whale," according to CryptoNews. Cecilia Hsueh, MEXC's spokesperson, acknowledged these shortcomings, stating the leadership team now prioritizes operational improvements. Meanwhile, Bitcoin withdrawals from MEXC surged 30x in mid-July following the controversy, with over 1,400 processed daily as of late October, CryptoNews reported. Users like trader Elja reported prolonged issues with false allegations and delayed resolutions, exacerbating skepticism about the exchange's reliability.

MEXC's efforts to rebuild credibility include recent participation in Blockchain Life 2025, where it emphasized its vision as a "first stop" for crypto opportunities. The event featured discussions on centralized versus decentralized exchange dynamics and showcased MEXC's interactive exhibitions, including a "2077 Cyberpunk Hookah Night" that attracted over 400 industry participants. These initiatives align with the exchange's broader strategy to enhance user engagement through innovative campaigns and robust infrastructure.

The USDf Unbound Campaign exemplifies MEXC's commitment to driving liquidity and accessibility in the crypto market. With 40 million users across 170+ countries, the exchange continues to position itself as a bridge between emerging tokens and global traders. However, addressing past operational flaws and restoring user confidence will remain critical to sustaining long-term growth.