COMPLIANCE ALERT: The MEXC “Euro-Asian” Shadow Rail with French Heuro & Romanian Finetix!

A forensic audit of the fiat-to-crypto infrastructure utilized by the blacklisted crypto exchange MEXC has identified a highly sophisticated, multi-layered payment rail. By nesting Finetix Limited S.R.L. (Romania) within the French electronic money infrastructure of HEURO SAS (formerly Harmoniie SAS), MEXC has successfully constructed a “Red Shield” network to mask high-risk crypto flows behind legitimate-looking SEPA and SEPA Instant transfers by utilizing deceptive branding and a cadre of executives with deep roots in Chinese fintech conglomerates.

The Dual-Rail Architecture

Our investigation confirms that Finetix Limited S.R.L. acts as the universal “Contractual Recipient” for all Euro deposits on the MEXC mirror platform (mexc.co).

Depending on the payment speed selected by the user, the flow is routed through two distinct financial arteries:

1. The SEPA Instant Rail (French Axis)

When users select “SEPA Instant,” the transaction is processed through HEURO SAS, doing business under the brand OuiTrust, and the Romanian Finetix Ltd S.R. L.

• The Trap: Users must consent to the Terms of Service of both Finetix (as the commercial gateway) and HEURO SAS (as the EMI processor).
• The Deception: By presenting the destination as “Heuro Bank” at a Paris address, the platform suggests institutional banking safety. In reality, it is a virtual account managed by an EMI whose primary purpose in this chain is the settlement of high-risk crypto liquidity. In the checkbox, the MEXC customer making the deposit must confirm that they agree to the MEXC Terms, whereby the link to the Terms actually leads to the Finetix Terms. The user is therefore not making a deposit to MEXS, but to Finetix (see screenshot above). We assume that Finetix is part of the MEXC scheme.

2. The Standard Bank Transfer Rail (Lithuanian Axis)

Standard SEPA transfers are routed via Paytend Europe UAB (Lithuania). As previously established, Finetix acts as the named payee here as well, ensuring that the “MEXC” brand remains invisible to the sending bank’s AML monitoring systems.

Read our report on the MEXC – Finetix – Paytend Europe Rail here.

The Corporate Dimension: Rebranding and Asian Influence

The HEURO Transformation

On December 16, 2025, the French institution Harmoniie SAS (formerly Easyeuro and Unirpay) officially rebranded as HEURO SAS. They are still doing business as OiuTrust. The name change has not yet been implemented on the OuiTrust website. Harmoniie SAS is still listed as the operator there. (This move appears to be a strategic pivot to adopt a more “bank-like” identity (“Heuro Bank”) to facilitate its expanding Banking-as-a-Service (BaaS) partnerships with offshore exchanges. Despite the branding, it remains an Electronic Money Institution (EMI) under ACPR supervision, currently operating at the limits of its regulatory mandate.

The Chinese-Asian Connection

Both the technology and the leadership of this rail originate from the mainland Chinese fintech sector.

• HEURO SAS Leadership: Controlled by individuals such as Chuan Chen and Haixiang Li, whose professional pedigrees include senior roles at Ant Financial (Alibaba), Huawei, and HSBC China.
• MEXC Ownership: Founded by Chinese blockchain veterans (e.g., Sheen Xin Hu) and currently managed by Singapore-based John Chen.
• Strategic Sync: This shared background allows for a unified operational logic. The “Shadow Rail” is not merely a service but a synchronized export of Chinese fintech bypass technology into European regulated shells.

Summary Table: The French-Romanian SEPA Instant Rail

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The HEURO Evolution

We tracked the transformation of a single French corporate vehicle (SIREN 833 165 863) as it rebranded and repositioned itself within the European payment landscape, maintaining a consistent core of Chinese-origin leadership throughout its pivot toward high-risk crypto-shadow banking.

1. Timeline of Corporate Metamorphosis

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2. The Shared Executive “DNA”

The following individuals have served as the “Red Thread” connecting these entities, ensuring operational continuity despite the frequent name changes.

• Chuan CHEN (The Architect)
  • Role: Founder and President He stepped down from the board in 2019 during the Easyeuro transition.
  • Significance: Former senior executive at Ant Financial (Alibaba). He is the primary link between Chinese digital payment logic and the French regulatory environment.
• Haixiang LI (The Infrastructure Lead)
  • Role: Director General (DG) of HEURO SAS; previously key leadership in Harmoniie.
  • Significance: Background in Huawei and HSBC China. He manages the technical “pipes” that allow the SEPA Instant system to interface with the Finetix/MEXC infrastructure.
• Xue DINGSHENG & Xue LU (The Founding Board)
  • Role: Original board members of Unirpay SAS.
  • Significance: Instrumental in the initial licensing phase with the French ACPR. Their involvement established the original “corridor” between Paris and the Chinese tech sector.

3. The “Chinese Fintech Pedigree” Diagram

The corporate structure of HEURO is not typical for a French EMI. It is built as a “Gateway for Export”—specifically designed to allow offshore entities (like MEXC) to tap into the European Banking Union.

4. Compliance Risk: The Persistence of Control

The fact that the same individuals have remained in control through four different rebrandings is a major compliance signal. In AML/KYC terminology, this is known as “Permanent Entity Control” used to mask a shifting business model.

• Risk Pattern: While the name on the license changes to avoid historical scrutiny, the beneficial ownership and executive intent remain static.
• The Finetix Tie-In: By the time the company became HEURO, it had fully integrated with

Compliance Verdict: High-Velocity Risk

Status: CRITICAL VIOLATION (RED SIGNAL)

The payment architecture orchestrated by MEXC, Finetix Limited S.R.L., and HEURO SAS (dba Heuro Bank / OuiTrust) represents a deliberate attempt to circumvent the Markets in Crypto-Assets (MiCA) framework and Anti-Money Laundering (AML) directives. This infrastructure is not merely high-risk; it is a textbook case of Transaction Laundering and Regulatory Arbitrage.

Key Compliance Violations:

• Unlicensed Crypto Service Provision (MiCA Violation): MEXC operates within the EU without the mandatory MiCA authorization. Simultaneously, Finetix Limited S.R.L. (Romania) markets itself at www.finetix.net as a crypto service provider despite being unregistered as a VASP in Romania. The fact that the Finetix website is currently non-functional (“ghosting”) further indicates a lack of operational substance (Shell Company risk).
• Facilitation of Unlicensed Entities (HEURO SAS): As a French-regulated EMI, HEURO SAS is legally obligated under 5AMLD/6AMLD to perform rigorous Know Your Business (KYB). Processing SEPA Instant transfers for an unlicensed, offshore exchange (MEXC) via an unregistered Romanian shell (Finetix) constitutes a massive failure in institutional oversight and potential complicity in unlicensed financial intermediation.
• Deceptive Payment Labeling & “Shadow Banking”: The use of the “Heuro Bank” trade name by an EMI to process funds for a blacklisted entity is a deceptive practice designed to bypass the automated AML filters of the users’ sending banks. This obscures the high-risk nature of the destination (Crypto) behind an institutional “Banking” facade.
• Jurisdictional Layering: By inserting a Romanian “Terms Holder” between a French processor and a Seychelles exchange, the participants have created a fragmented legal trail. This prevents a single national regulator from having a clear view of the end-to-end transaction, a common tactic in laundering criminal proceeds or bypassing sanctions.

Summary of Institutional Risk

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Call to Whistleblowers

Are you an employee of HEURO SAS in Paris or Finetix in Bucharest? Do you have internal documentation regarding the profit-sharing agreements between these entities and MEXC?

We are specifically seeking:

1. KYB files submitted by Finetix to HEURO SAS.
2. Transaction logs showing the daily settlement volumes from the French FR76 IBAN to MEXC-controlled wallets.
3. Communication between HEURO executives and MEXC’s John Chen.

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