Key Takeaways
- Transfers from Binance to MEXC-linked addresses will be rejected.
- Incoming deposits face compliance reviews and possible account closures.
- FinCEN’s order takes effect 30 days after Federal Register publication.
Binance Rejects MEXC Transfers and Withholds Deposits
Binance said Nov. 10 that it was restricting transactions involving MEXC following the Financial Crimes Enforcement Network’s (FinCEN) designation of the exchange as a primary money laundering concern. Its immediate transaction restrictions covered MEXC, MEXC Global, affiliates, and related entities. The exchange advised users against sending, receiving, or otherwise transacting through Binance involving those businesses.
The company stated:
“Requests to send funds to MEXC addresses will be rejected.”
Under its MEXC deposit restrictions, incoming funds from the listed businesses would be temporarily withheld for compliance review. Account holders could face further limitations, including removal from the platform.
Among the covered entities were MEXC Global Limited, MEXC Singapore Pte Ltd, and GIDA Technology AG. FinCEN identified GIDA as a Swiss entity among MEXC’s current or former affiliates. Binance’s list also included other corporate entities, trading names, and affiliates across multiple jurisdictions.
FinCEN Alleges $16 Billion in Illicit Transactions
The U.S. Treasury Department disclosed the action against MEXC Global on Nov. 6 as part of Operation Economic Outcast, a U.S. campaign to disrupt the Iranian government’s financial networks. Officials alleged that the exchange facilitated at least $16 billion in illicit transactions between May 2021 and May 2026. Treasury linked the activity to Iranian, North Korean, and Russian sanctions evasion, as well as cybercrime.
Those alleged illicit flows included nearly $1.5 billion connected to Russian sanctions evasion, according to Treasury. That figure included $232 million in direct transactions with entities sanctioned by the United States, the European Union, and the United Kingdom. Officials also cited dealings with Russia-based sanctioned exchange Garantex and its successor, crypto exchange Grinex.
FinCEN issued its order under the Combating Russian Money Laundering Act, which authorizes Treasury to restrict transactions involving foreign financial institutions linked to Russian illicit finance. The measure prohibits U.S. financial institutions from transmitting funds to or from MEXC Global. It takes effect 30 days after publication in the Federal Register.
Customers Report Frozen Funds as Exchanges Tighten Controls
Some MEXC users reported frozen deposits at OKX after transferring what they described as their own assets between exchanges. Founder and CEO Star Xu said OKX had strengthened its controls before the regulatory deadline and treated FinCEN special measures with caution similar to sanctions. He warned that associated funds could be frozen and accounts investigated.
MEXC CEO Vugar Usi noted that the company had begun an independent review of its anti-money laundering and sanctions controls. He added that it intended to engage constructively with FinCEN. In its response to FinCEN’s order on Nov. 7, MEXC said it was operating normally, and user assets remained secure.
In February, Binance had outlined its broader compliance monitoring program, stating that it proactively removed high-risk accounts. The company reported processing more than 71,000 law enforcement requests globally in 2025. It also described investments of hundreds of millions of dollars in transaction monitoring and counter-terrorist financing infrastructure.
Beyond direct transfers into trading accounts, Binance’s notice covered indirect dealings involving the listed businesses. Such activity could breach its terms of use and trigger temporary restrictions on impacted funds and accounts during review. The company directed affected users to contact Binance Support through official channels.
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