MEXC appointed Vugar Usi as CEO on Wednesday as the exchange intensifies efforts to secure licenses worldwide, including under the European Union’s Markets in Crypto-Assets Regulation (MiCA). Usi joined MEXC as chief operating officer in late 2025 after serving as COO at rival exchange Bitget.
Usi said MEXC will maintain its low-fee trading focus while broadening multi-asset access on the platform. He told Cointelegraph the exchange is actively pursuing global licensing opportunities, with a MiCA license in the EU a stated priority.
The leadership change coincides with a broader brand update as exchanges move toward “everything exchange” models amid increasing competition from decentralized platforms.
MiCA license a “top strategic priority”
Operating across multiple regions, MEXC said it closely monitors the global regulatory landscape. “The MiCA license application is a top strategic priority for the company,” Usi said, adding the firm is preparing to establish a fully compliant EU business entity.
MEXC did not provide further details on its MiCA plans. European regulators currently label the company non-compliant after Dutch authorities flagged the platform in September 2025 for offering crypto services in the Netherlands without the required license.
Some major exchanges remain in the MiCA process, highlighting the competitiveness and political sensitivity of the licensing race. Binance applied for a MiCA license in Greece in January.
MEXC posts rapid growth in crypto market
Founded in April 2018, MEXC has become one of the fastest-growing centralized exchanges, with reported daily trading volumes around $2.2 billion, according to CoinGecko. Crypto analytics firm CryptoQuant placed MEXC among the top three in its Exchange Leader Index alongside Binance and Gate, and listed it among exchanges with the strongest growth together with Gate and Coinbase.
MEXC has secured notable partnerships, including monthly proof-of-reserves audits with blockchain security firm Hacken. The exchange also worked closely with The Open Network (TON), which received funding from MEXC Ventures in late 2023.
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