最新报道：For days, the cryptocurrency community has been captivated by the "White Whale" incident, a trader who accused the centralized exchange MEXC of freezing over $3 million in his account. In a viral post, he claimed his only fault was "excessive profits." He claimed the exchange lured him into undergoing dangerous in-person KYC requirements and described the situation as part of a broader industry pattern where traders are "punished for winning." Now, in an exclusive report from BeInCrypto, MEXC has directly addressed these allegations. The exchange refuted claims of retaliation, explained the rationale for the account restrictions, and outlined how its risk controls work. "White Whale's" Account: "Punished for Winning" On August 24, "White Whale" publicly revealed that MEXC had frozen $3,158,572.32 in his funds since July. He insisted that no terms of service violations were cited and provided no evidence of any wrongdoing. The trader also shared screenshots of emails and Telegram communications. He said MEXC initially invited him to meet with the "leadership team." Instead, they connected him with an executive who requested he travel to Malaysia for "in-person KYC." These claims, coupled with his $2 million bounty for industry assistance, have fueled widespread speculation about the centralized exchange's practices. MEXC Response: "Profitability is not a reason for restrictions." In comments shared exclusively with BeInCrypto, MEXC strongly denied the claim that trading success or profitability triggers account freezes. MEXC stated that "White Whale's" account was restricted because "activity associated with the account triggered our risk control systems." These controls monitor for indicators of market manipulation, spoofing, wash trading, suspicious activity, or illicit fund flows. The exchange stated that most users who undergo further verification are successfully restored to full access. Regarding the In-Person KYC Controversy, perhaps the most explosive allegation came from a screenshot posted by White Whale showing a request to fly to Malaysia for in-person verification. While the exchange did not directly explain the in-person request given the lack of such a clause in its terms of service, it insisted that its compliance measures were based on global AML and CFT obligations. "White Whale" believes his case is symptomatic of a larger problem: CEXes retaliate against highly profitable traders who expose their market-making weaknesses. While some suggest this may not be unique to "White Whale," dozens of traders have reportedly expressed similar frustrations. The company points to its enforcement record, which includes processing over 124 freeze requests from law enforcement and blocking only 41 cases related to theft or compliance enforcement in May and June. In an exclusive statement, MEXC told BeInCrypto that the exchange's account flagging rate is less than 1%. As centralized exchanges face increasing global scrutiny, MEXC added that it is investing in transparency. Against this backdrop, MEXC has begun publishing quarterly risk control reports detailing fraud prevention, enforcement cases, and security upgrades. These reports are intended to provide users with insight into how and why restrictions were applied. A Test of Centralized Exchange Accountability: The controversy between "White Whale" and MEXC highlights the power imbalance between traders and centralized exchanges. For traders, freezes demonstrate that "users are being seen as withdrawing liquidity." For MEXC, the case is an example of risk controls operating as designed in a compliance-driven environment. Either way, the controversy has reignited the debate over transparency, fairness, and user protection in the cryptocurrency industry. This is especially true given that billions of dollars in daily trading volume flows through exchanges whose internal controls remain opaque to the public. However, MEXC claims to prioritize compliance and maintain transparency. For traders, the case may serve as a reminder of one of the oldest lessons in cryptocurrency: when assets are locked up on centralized exchanges, control ultimately resides elsewhere. White Whale did not immediately respond to BeInCrypto's request for comment.