Binance Blocks MEXC Transfers After FinCEN Crackdown

Binance has stopped processing cryptocurrency transfers involving MEXC Global and its affiliated entities after US regulators identified the exchange as a primary money laundering concern over $16 billion in alleged illicit transactions, according to CryptoNews.

In a November 10 announcement, Binance instructed customers not to send or receive funds directly or indirectly through its platform involving MEXC and 12 other named entities or categories. Under the restrictions, withdrawals from Binance wallets to the listed entities are rejected, while incoming deposits originating from them are temporarily withheld for compliance checks. Binance warned that users receiving funds from the affected entities could face account restrictions or termination of services.

FinCEN Designation and Illicit Flow Estimates

The restrictions follow a November 6 order from the US Treasury’s Financial Crimes Enforcement Network (FinCEN), which accused MEXC of facilitating transactions connected to sanctions evasion, cybercrime and other illegal financial activity. According to FinCEN, at least $16 billion passed through the exchange between May 2021 and May 2026 in transactions linked to illicit activity involving Russia, Iran and North Korea.

The agency alleged that MEXC maintained inadequate anti-money laundering controls despite publicly claiming to restrict customers from sanctioned jurisdictions. US authorities identified approximately $1 billion in direct transfers involving more than 40 Iranian cryptocurrency exchanges, alongside $22 million involving Iran’s central bank and the Islamic Revolutionary Guard Corps. The Treasury Department noted that MEXC processed more than $1 billion in daily transactions and held approximately $5 billion in reserves as of September 2026.

Exchange Response and Wider Industry Action

MEXC has disputed the regulatory allegations, maintaining that its trading services, deposits and withdrawals remain operational. In an official statement, the exchange said it was reviewing FinCEN’s findings with its legal and compliance teams and had started an independent examination of its controls.

Other platforms have similarly tightened transfer controls. OKX chief executive Star Xu previously warned customers against transferring cryptocurrency directly from MEXC following the regulatory announcement, noting that deposits associated with affected platforms could be frozen.

Key facts

• Binance stopped processing cryptocurrency transfers involving MEXC Global and its affiliates following regulatory action.
• FinCEN identified MEXC as a primary money laundering concern over $16 billion in alleged illicit transactions between May 2021 and May 2026.
• Binance withdrawals to the listed entities are rejected and incoming deposits are temporarily withheld for compliance reviews.
• MEXC disputed the allegations and maintained that its trading services and withdrawals remain operational.