MX (MX)

History, technology and key data — no opinions, no advice

Historical price evolution of MX

Daily historical data. Updated automatically.

MXC Exchange was founded in April 2018 in Seychelles, initially operating from Singapore. Information about the original founders presents inconsistencies between sources: CoinMarketCap attributes the co-founding to Sheen Xin Hu (CEO, also founder of MXC Foundation and MatchX, with dual master's degrees in Telecommunications from TU Berlin and UPMC Paris, and 10 years of experience as a hardware engineer at Airfy, Relayr and ASUS), Aaron Wagener (COO) and Piotr Brzezinski (CTO), whilst other sources mention different names.

On 30th June 2018, MXC Exchange issued 3,000 million MX tokens as original supply, granting holders the right to 60% of dividends from trading fees, with the remaining 40% allocated to buybacks and burns. During the third quarter of 2018, OTC trading and derivatives services were launched, followed in the fourth quarter by MXC Labs to incubate early-stage blockchain projects. The exchange faced difficulties during the bear market of late 2018.

The year 2019 marked a turning point for the platform when the VDS IEO boosted its visibility with a revaluation of up to 50x. MXC innovated by listing DOT (Polkadot) futures before its mainnet launch, attracting significant volume. From 1st July 2019, 100% of trading fees were allocated to buy back and burn MX until the circulating supply reached 100 million, which caused MX price to multiply by more than 100x during that year. On 31st July 2020, MX was listed on Uniswap.

In June 2021, MXC Exchange was rebranded as MEXC Global under the leadership of John Chen, a Singaporean entrepreneur, surpassing 5 million monthly visitors. MX reached its all-time high of $3.70 in December 2021. In July 2022, MEXC surpassed 7 million registered users and announced a partnership with BitKan. During 2023, several regulators issued warnings about MEXC: the BCSC of British Columbia (Canada), the FMA of Austria and BaFin of Germany. In November 2023, the Estonian FIU revoked the licence of MEXC Estonia OÜ as part of a regulatory crackdown on virtual asset providers.

In 2024, MEXC surpassed 10 million users and established KYC as mandatory to access all advanced features. The platform launched Meme+, a marketplace for high-risk meme tokens, and completed an independent security audit conducted by Hacken with no critical vulnerabilities detected. By 2025, MEXC had surpassed 40 million users in more than 170 countries, reducing MX circulating supply from the original 3,000 million to approximately 93-100 million through the burn mechanism. The platform supports more than 3,000 cryptocurrencies. On 1st January 2026, MEXC implemented CARF (Crypto-Asset Reporting Framework) protocols, requiring users to provide their tax identification number (TIN) to access full withdrawal limits and participate in Kickstarter events.

MX Token functions as the native utility and governance token of the MEXC ecosystem, operating as an ERC-20 token on the Ethereum network. Its central mechanism revolves around a buyback and burn system that constantly modifies its circulating supply: since July 2019, 100% of the trading fees generated by the exchange are allocated to repurchasing MX tokens on the open market to burn them permanently. This mechanism has drastically reduced the supply from the original 3,000 million to approximately 93-100 million circulating tokens in 2025, with the stated objective of reaching 100 million as the maximum ceiling.

Holding MX grants access to multiple functionalities within the MEXC ecosystem. Users who maintain at least 500 MX obtain 50% discounts on trading fees, whilst larger amounts provide voting power in Kickstarter, the mechanism through which the community decides which new projects are listed on the exchange. Additionally, holders can participate in the Launchpad programme for early access to initial exchange offerings (IEOs), in MX-DeFi to obtain staking rewards, and in M-Day, a lottery system to acquire newly issued tokens. MEXC specialises in rapidly listing emerging altcoins, memecoins and early-stage projects, operating with 0% maker and 0.05% taker fees on spot, and 0% maker and 0.01% taker on futures.

Data verified against external sources. Some values may have changed since the last update.