MEXC said its user assets remained fully backed in its September 2026 proof-of-reserves report, with the exchange’s Bitcoin reserve ratio rising to 297% from 288% in August.
The report, reviewed by Hacken and based on a snapshot taken on September 10, found that MEXC held reserves above the 1:1 level for every disclosed asset. The exchange publishes reserve data monthly as part of its effort to provide users with greater visibility into platform-held assets.
Reserves exceed user liabilities
MEXC reported 12,202.13 BTC against user holdings of 4,106.57 BTC, producing a reserve ratio of 297%. Its other reported balances were 1,818,202,910.24 USDT against 1,526,526,878.38 USDT in user holdings, or 119%; 299,925,929.77 USDC against 269,894,125.25 USDC, or 111%; and 58,917.60 ETH against 53,243.98 ETH, also representing 111% coverage.
Hacken’s review covered proof of liabilities, proof of possession, reserve calculations and the broader proof-of-reserves process. According to the report, the review confirmed that MEXC’s reserves exceeded its user liabilities across all assets included in the assessment.
Merkle Trees support user verification
MEXC said it uses Merkle Tree technology to allow individual customers to check whether their balances are included in the reserve calculation without revealing information about other users.
In a statement included with the update, MEXC CEO Vugar Usi said the exchange would continue publishing verifiable reserve data each month and described independent user verification as a key part of its transparency and asset-protection efforts.
Additional protection funds
The exchange also reported that its Futures Insurance Fund held approximately 798 million USDT at the time of publication. The fund is intended to absorb losses from liquidations during extreme market conditions.
MEXC separately operates the Guardian Fund, a reserve structure holding USDT and BTC to provide compensation protection for platform-related issues. Its balance was reported at $101 million, with the exchange saying it plans to increase the fund to $500 million within two years.
