Binance has stopped processing transactions involving MEXC, announcing the move on Tuesday, November 10, days after the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) named MEXC a primary money laundering concern, Decrypt reported.
According to Decrypt, any request to send funds from a Binance account to MEXC will be declined. The announcement lists 13 covered entities, including MEXC Global Limited, MEXC Estonia OU and MEXC Singapore Pte Ltd. Deposits arriving from those entities will be temporarily held for compliance review. Binance warned that affected users could face further restrictions, including being offboarded from the platform. The exchange said that “effective immediately, users should not send funds to, receive funds from” MEXC-related entities, and described the step as enhanced compliance measures following the designation.
Decrypt reported that FinCEN alleges MEXC processed at least $16 billion in suspicious transactions between May 2021 and May 2026, including nearly $1.5 billion in direct and indirect exposure to Russian sanctions evasion. The order bars U.S. financial institutions from processing fund transfers involving MEXC and takes effect 30 days after publication in the Federal Register.
Decrypt, citing Finance Magnates, added that OKX has also warned users against transferring funds to MEXC. For scale, Decrypt noted that MEXC ranked ninth among spot exchanges on CoinMarketCap with about $812.5 million in 24-hour spot volume, while Binance ranked first with about $6.4 billion. The allegations are FinCEN’s claims, and MEXC’s response was not covered in the report.
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