Binance has restricted transfers involving MEXC and its listed affiliates, warning that incoming deposits can be held for compliance review and that affected customers may face additional account restrictions.
The exchange’s November 10 announcement says outgoing requests involving the named businesses will be declined. It attributes the decision to FinCEN’s designation of MEXC as a primary money laundering concern.
Incoming Deposits Face Reviews And Possible Account Restrictions
Binance said incoming deposits involving the named businesses would be temporarily withheld for compliance review. Customers could face further restrictions, including offboarding, under its terms of use.
The restriction covers direct and indirect transactions. The notice names MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, MXC Global Ltd, MEXC Global Foundation Ltd, MEXC Singapore Pte Ltd and MEXC (Comoros) Ltd, alongside other listed names and affiliates.
Binance did not specify a review deadline or an automatic release timetable for withheld deposits. It directed customers with questions to Binance Support.
The action follows MEXC’s compliance review following US transfer restrictions. Binance’s notice sets out the separate measures it is applying to transactions involving the listed businesses.
FinCEN Order Sets Separate Federal Transfer Prohibition Requirements
FinCEN announced its order on November 6 as part of Operation Economic Outcast. The agency said the measure would prevent US financial institutions from processing transfers involving MEXC Global.
In a supporting Treasury statement, officials alleged that MEXC facilitated at least $16 billion connected to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026. These are the authorities’ findings and allegations, not a finding about every MEXC customer.
Treasury said the exchange had approximately $5 billion in reserves and processed more than $1 billion in daily transactions as of September. It identified transactions involving Iranian, North Korean and Russian actors in explaining the action.
The department said MEXC sent or received approximately $1 billion in direct transactions with more than 40 identified Iranian cryptocurrency exchanges during the five-year review period. It also alleged approximately $22 million in transactions associated with Iran’s central bank and the Islamic Revolutionary Guard Corps.
Treasury identified Section 9714(a) of the Combating Russian Money Laundering Act as the legal basis. It said the order takes effect 30 days after Federal Register publication and leaves existing Bank Secrecy Act reporting and OFAC sanctions obligations in place.
Binance’s November 10 notice is a separate platform action. The federal order’s publication timetable does not provide a deadline for the release of deposits Binance places under review.
MEXC Says Operations Continue While Reviewing Compliance Controls
In its November 7 response, MEXC said it was reviewing the order with its legal and compliance teams and had begun an independent assessment of its anti-money-laundering and sanctions controls.
The exchange said it intended to engage with FinCEN and other authorities. It also said operations were continuing normally and customer assets remained secure. Those assurances are MEXC’s statements; Binance’s transfer restrictions apply under Binance’s own announcement.
The formal federal order concerns US financial institutions. Binance’s notice separately addresses transfers through Binance and names the entities covered by its platform restrictions.
