Binance has reportedly suspended all transactions involving MEXC and its affiliated entities following a U.S. Treasury designation that identifies MEXC as a primary money laundering concern. The policy, described in a November 10 announcement, rejects outgoing transfers to MEXC-linked addresses, while incoming deposits are held for compliance review and may lead to additional account restrictions or termination.
The move follows a November 6 order from the Financial Crimes Enforcement Network (FinCEN) under Section 9714 of the Combating Russian Money Laundering Act. The order targets foreign firms deemed a primary money laundering concern in connection with Russian illicit finance. Once published in the Federal Register, a 30-day countdown begins before U.S. institutions must cut off funds transfers involving MEXC.
MEXC founder Vugar Usi said the exchange is treating the 30-day window as a chance to negotiate with FinCEN. “We are ready to fully cooperate,” Usi wrote on X, adding that the platform continues to operate normally. The company said it had opened a line to FinCEN through top-tier U.S. law firms and is conducting an independent review of its anti-money-laundering and sanctions controls.
FinCEN’s order states that MEXC processed more than $1 billion in daily transaction volume and held about $5 billion in reserves as of June 2026. Regulators allege the exchange handled roughly $1.5 billion linked to Russian sanctions evasion between May 2021 and May 2026, part of about $16.7 billion in total illicit activity transactions. FinCEN also cited MEXC’s ties to A7, a Russian state-backed payments network that issues the A7A5 ruble-pegged stablecoin.
The restrictions are already rippling across platforms. OKX founder Star Xu warned users not to send funds directly from MEXC to OKX after complaints that USDT deposits were flagged and frozen. Binance’s reported policy covers both direct and indirect transfers, meaning even funds moved through intermediaries may be subject to compliance review.
The precise legal consequences remain to be seen, but the action illustrates how U.S. anti-money-laundering enforcement can affect exchange operations beyond U.S. borders. Traders with pending MEXC-related transfers should monitor official communications for timing and release decisions.
