Binance Halts MEXC Transfers as FinCEN Designates Exchange Money Laundering Concern
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Written by
Simonas Brazionis - Updated 2026-11-12 19:58:54
Binance Halts MEXC Transfers as a direct response to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) designating MEXC as a primary money laundering concern. This action means Binance has ceased processing transactions involving MEXC and its affiliated entities.
Binance's Immediate Transfer Restrictions
Effective immediately, Binance advises users not to send or receive funds from, or conduct any transactions through Binance that involve MEXC, MEXC Global, or any related entities. Attempts to transfer funds from a Binance account to MEXC will be rejected. Conversely, deposits originating from these restricted entities will be temporarily held for compliance review.
Binance indicated that users involved in such transactions could face further account restrictions, including potential offboarding from the platform. The restrictions encompass 13 specific entities, including MEXC Global Limited, MEXC Estonia OÜ, and MEXC Singapore Pte Ltd. This measure reflects Binance's implementation of enhanced compliance protocols in light of FinCEN's designation.
FinCEN's Allegations and Market Impact
FinCEN’s order, issued under the Combating Russian Money Laundering Act, prohibits U.S. financial institutions from processing fund transfers associated with MEXC. FinCEN alleged that MEXC facilitated at least $16 billion in suspicious transactions between May 2021 and May 2026, including approximately $1.5 billion linked to Russian sanctions evasion. FinCEN characterized MEXC's anti-money laundering controls as significantly inadequate. The FinCEN order is scheduled to become effective 30 days after its official publication in the Federal Register.
MEXC is currently ranked ninth among spot exchanges by CoinMarketCap, reporting around $812.5 million in spot volume over the preceding 24 hours. Binance, in contrast, holds the top position with approximately $6.4 billion in spot volume during the same period. Other exchanges, including OKX, have also reportedly issued warnings to their users regarding transfers to MEXC.
