MEXC has named Vugar Usi as chief executive officer as the exchange pushes for wider licensing and tries to expand beyond its memecoin-heavy image.
The leadership change comes as the company pursues EU compliance under MiCA, keeps its zero-fee model, and faces fresh questions about regulation in Europe and Dubai.
MEXC names Vugar Usi as CEO
MEXC appointed Vugar Usi as CEO on Wednesday and placed him at the center of its next growth phase. The exchange presented the move as part of a wider plan to expand licensing efforts and build broader access to more asset classes.
Usi joined MEXC as chief operating officer in late 2025 after previously serving in the same role at Bitget. His promotion gives MEXC a leader with experience at another large exchange at a time when competition among trading platforms is growing sharper.
In public remarks, Usi linked his plans to two problems he believes still shape the market. He pointed to the way many exchanges now focus more on institutions, while retail users face a weaker experience and fewer options.
He also pointed to the fragmented structure of digital asset trading, where users often need several platforms to access different products.
MEXC used the leadership update to restate its core trading message. Usi described the exchange as a “zero-fee gateway” built for broader access. He also wrote that markets are moving toward one system where crypto, equities, commodities, and prediction markets sit closer together.
That message places MEXC on a different track from rivals that are leaning more heavily into institutional trading flows. Usi made clear that the exchange plans to keep its low-fee approach while opening access to more products on the same platform.
MiCA licensing becomes core target
A major part of that plan is Europe. Usi identified MiCA licensing in the European Union as a top priority for the company as it works to build a compliant business structure in the region.
The exchange did not provide details on where it plans to file or how far along the process has moved. Even so, the public focus on MiCA shows that MEXC wants to position itself for a larger role in regulated markets.
Furthermore, that effort comes with pressure. Dutch authorities flagged MEXC in September 2025 for offering crypto services in the Netherlands without the required license. European regulators now classify the platform as non-compliant, which adds more weight to its current push for approval.
The race for MiCA approval remains competitive. Several large exchanges are still trying to secure their place under the new regime. Binance, for example, applied for a MiCA license in Greece in January. MEXC now appears eager to show that it does not want to fall behind in Europe.
Retail users stay at the center of MEXC’s model
While many large exchanges are trying to attract institutional capital, MEXC is keeping its attention on retail traders. Usi described retail as the company’s “bread and butter” and suggested that this base still drives the platform’s identity.
He argued that memecoins have not lost their relevance. Instead, he presented a broader view in which many markets now move on the same fast-changing sentiment that once defined memecoin trading. He pointed to sharp swings in gold, oil, and equities after political headlines.
That reading helps explain MEXC’s next steps. Usi wants the exchange to become a platform where users can trade not only crypto but also tokenized stocks, commodities, and prediction markets. The idea is to give retail users more products without forcing them to leave the platform.
MEXC has also tied that plan to its zero-fee model. Usi claimed the structure returned $1.1 billion to users in 2025. He presented that strategy as a direct way to attract and retain traders, rather than relying on the large sponsorship campaigns seen at some rival exchanges.
The company’s growth numbers help explain why it is sticking with that approach. CoinGecko places MEXC’s reported daily trading volume at about $2.2 billion. CryptoQuant also ranked MEXC among the top three exchanges in its Exchange Leader Index, alongside Binance and Gate, while listing it among the stronger growth stories in the sector.
Compliance record remains under close watch
The harder test for MEXC is whether it can expand while addressing its past compliance and control problems. That issue remains central to the story around the exchange and its new CEO.
Much of 2025 was shaped by fallout from the “White Whale” case, in which a trader claimed that about $3 million had been frozen under unclear risk-control rules.
After public pressure, MEXC chief strategy officer Cecilia Hsueh issued a public apology and admitted that the firm’s “risk, operations, and PR teams” had not kept pace with growth.
Moreover, the company has also faced regulatory pressure outside Europe. As we reported on March 9, Dubai’s Virtual Assets Regulatory Authority ordered MEXC to stop offering services in the emirate after finding that the exchange had advertised and provided crypto trading services without completing the required licensing process.
MEXC wants to preserve the speed, breadth, and low-friction model that helped it grow. At the same time, it must convince regulators that it can operate with stronger controls and clearer compliance standards.
Usi acknowledged that global regulation is entering what he called a decisive phase. He wrote that MEXC intends to meet that shift with more clarity and tighter execution.