MEXC has appointed Vugar Usi as its chief executive officer, the exchange announced on Wednesday. Usi joined MEXC as chief operating officer in late 2025, having previously held the same position at rival exchange Bitget. His elevation to CEO comes as MEXC accelerates efforts to secure regulatory approvals across multiple regions worldwide.
In his new role, Usi says the platform intends to maintain its low-fee trading model while broadening access to a wider range of assets. He told Cointelegraph that MEXC is actively pursuing licensing opportunities globally, with a particular focus on obtaining a license under the European Union‘s Markets in Crypto-Assets Regulation framework. Usi described the MiCA license application as a top strategic priority, adding that the company is making proactive preparations to establish a fully compliant business entity within the EU.
MEXC’s leadership transition coincides with a broader brand refresh at the company, reflecting an industry-wide move toward so-called “everything exchange” models. This shift comes as centralized platforms face mounting competition from decentralized rivals. Usi noted that MEXC consistently monitors the global regulatory environment as it operates across multiple regions.
Despite the stated ambitions, MEXC’s path in Europe faces complications. The company has been flagged as non-compliant by European regulators after Dutch authorities identified the platform in September 2025 for offering crypto services in the Netherlands without the required license. MEXC did not provide further details on the specific steps or timeline for its MiCA application.
MEXC is not alone in navigating the competitive MiCA licensing process. Binance, the world’s largest exchange by reported trading volume, submitted its own MiCA license application in Greece in January, illustrating how politically and commercially significant the regulatory race across Europe has become for major platforms.
Founded in April 2018, MEXC has grown into one of the fastest-expanding centralized exchanges globally. According to data from CoinGecko, the platform reports daily trading volumes of approximately $2.2 billion. Crypto analytics firm CryptoQuant ranked MEXC among the top three exchanges in its Exchange Leader Index, placing it alongside Binance and Gate, while also identifying it as one of the exchanges with the strongest recent growth alongside Gate and Coinbase.
The exchange has also built a portfolio of notable partnerships. These include an auditing collaboration with blockchain security platform Hacken and a close working relationship with The Open Network, which received funding from MEXC’s venture arm, MEXC Ventures, in late 2023. The company’s combination of growth metrics and strategic alliances positions it as a significant player as the global crypto regulatory landscape continues to evolve.
Originally reported by CoinTelegraph.
