MEXC says it has begun an independent review of its anti-money-laundering and sanctions controls after the US Financial Crimes Enforcement Network restricted transfers involving the exchange.
The November 6 FinCEN announcement says the order prevents US financial institutions from processing funds transfers involving MEXC Global. In a response published November 7, MEXC said it was examining the order with legal and compliance teams.
FinCEN alleges sanctions evasion and illicit transaction activity
FinCEN alleges that MEXC facilitated at least $16 billion in illicit transactions connected to Iranian, North Korean and Russian sanctions evasion and cybercrime, including direct dealings with sanctioned actors.
Those allegations are the regulator’s account. The release describes a restriction on US financial institutions processing transfers involving MEXC; it does not announce a worldwide shutdown of the platform.
MEXC says operations continue while independent review begins
MEXC said its platform was operating normally and user assets remained secure. These are the exchange’s statements, rather than an independent assessment of its reserves or withdrawal performance.
The company said it intended to engage with FinCEN and other authorities and would publish further updates through official channels. Its response did not provide a completion date for the independent review or a timetable for resolving the order.
The regulatory action follows a separate development covered by BlockBriefing concerning MEXC’s French customer transition agreement with Kraken. That agreement should be assessed separately from the US transfer restrictions.
