MEXC named Vugar Usi as its new CEO on Wednesday as the exchange accelerates efforts to secure regulatory approvals around the world, with a MiCA license in the European Union a stated priority. Usi joined MEXC as chief operating officer in late 2025 after previously serving as COO at rival exchange Bitget.
Usi said the platform will keep its low-fee trading model while expanding multi-asset access and pursuing licensing opportunities internationally. He told Cointelegraph that obtaining MiCA authorization and establishing a fully compliant EU corporate entity are top strategic priorities for the firm.
The leadership change comes alongside a wider brand repositioning as centralized exchanges shift toward “everything exchange” models to compete with growing decentralized alternatives.
MiCA license and regulatory scrutiny
Operating in multiple jurisdictions, MEXC said it closely monitors the global regulatory landscape. While MEXC has emphasized MiCA as a key goal, the company did not disclose further details about its application timeline or strategy. European regulators currently list MEXC as non-compliant after Dutch authorities flagged the platform in September 2025 for offering crypto services in the Netherlands without the required license.
The race for MiCA approval is competitive: some major exchanges remain in the application process, and Binance, for example, filed for a MiCA license in Greece in January.
Growth, partnerships and credibility measures
Founded in April 2018, MEXC has grown rapidly among centralized exchanges. CoinGecko reports daily trading volumes around $2.2 billion, and crypto analytics firm CryptoQuant placed MEXC among the top three in its Exchange Leader Index alongside Binance and Gate, also noting it as one of the fastest-growing platforms.
MEXC has pursued credibility and security measures, including monthly proof-of-reserves audits conducted with blockchain security firm Hacken. The exchange has also engaged in ecosystem partnerships, such as collaboration with The Open Network (TON), which received funding from MEXC Ventures in late 2023.
Outlook
With Usi at the helm, MEXC appears focused on combining competitive pricing and broader asset listings with formal regulatory compliance, particularly in the EU. How quickly the exchange secures MiCA approval and resolves regional compliance issues will shape its ability to expand services across Europe and beyond.
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