MEXC's 'Trade Everything' Ambition

MEXC CEO Vugar Usi is changing the exchange's direction, moving away from its role as a major memecoin hub. The strategy is based on the idea that traditional markets like stocks and commodities now behave much like memecoins, driven by volatility and sentiment. This shift aims to turn MEXC into a platform where users can "trade everything."

The 'Everything App' Plan

Usi, who helped grow Bitget into a top exchange, believes that price swings in gold, oil, and stocks now act like memecoins, driven by social trends and speculation. He plans to add tokenized stocks, commodities like gold and silver, and prediction markets to MEXC's offerings. This path is different from rivals like Binance, OKX, and Bybit, who are focusing on institutional clients and complex derivatives for Bitcoin ETFs. Usi's priority is MEXC's retail users, who make up about 98% of its trading volume, aiming to give them more ways to speculate. His own background at Bitget, which handled 80% institutional volume, highlights a significant change in approach.

Keeping Retail Traders Happy

MEXC's zero-fee trading model is key to its strategy. Usi states it returned $1.1 billion to users in 2025 and serves as the main way to attract and keep customers, unlike rivals who rely on celebrity endorsements. MEXC aims to keep fees low across its new offerings, aiming to be a global, retail-focused platform similar to Asia's "super apps." The main challenge is whether expanding and complying with regulations will push away the retail traders who have driven MEXC's success.

Regulatory Hurdles Ahead

MEXC has faced ongoing regulatory issues. The exchange drew heavy criticism after the "White Whale" incident, when user funds were frozen due to unclear risk management. Chief Strategy Officer Cecilia Hsueh apologized for operational issues, and the funds were released. CoinDesk data showed a spike in MEXC withdrawals after the event, though this has reportedly stopped. While MEXC ranked second in exchange volume at the end of 2025 with a 5% market share and 90% growth that year, CoinDesk rated it Grade C. This rating suggests a gap between its high trading volume and its perceived risk or readiness for compliance. Usi himself called compliance a "key missing point." MEXC's main growth factors—wide range of listings, speed, and low friction—are also what draw regulators' attention. This creates a major conflict with its plan to be a global "everything app" without the licenses or strong banking ties of rivals. Entering markets like the U.S. is considered costly and complicated due to these regulatory obstacles.

Future Strategy

To address these challenges, Usi is talking with regulators in Europe, the Middle East, and Southeast Asia about creating a "more transparent, more compliant" platform. The main idea is that retail traders will keep seeking out the most volatile assets, regardless of whether they are traditional or crypto-based, instead of going for more stable options. This strategy puts MEXC against larger competitors focused on attracting institutional money. MEXC's future depends on whether it can attract a wider audience and meet regulatory needs while keeping the fast-paced, energetic trading environment that its core users love.