Binance said on Nov. 10 that it is restricting all dealings with MEXC, MEXC Global, and affiliated entities after the U.S. Financial Crimes Enforcement Network (FinCEN) designated the exchange as a primary money‑laundering concern.
Transaction restrictions
Effective immediately, Binance will reject any request to send funds to MEXC‑related addresses. Incoming deposits from the listed businesses will be held for compliance review, and account holders may face further limitations, including possible removal from the platform.
Entities covered
The restriction list includes MEXC Global Limited, MEXC Singapore Pte Ltd, and GIDA Technology AG, a Swiss entity identified as a current or former affiliate of MEXC. Additional corporate entities, trading names and affiliates across multiple jurisdictions are also covered.
FinCEN allegations
FinCEN disclosed on Nov. 6 that MEXC Global allegedly facilitated at least $16 billion in illicit transactions between May 2021 and May 2026. The Treasury Department linked the activity to sanctions evasion involving Iran, North Korea and Russia, as well as cyber‑crime. Nearly $1.5 billion of the flows were tied to Russian sanctions evasion, including $232 million in direct transactions with entities sanctioned by the United States, the European Union and the United Kingdom.
The order, issued under the Combating Russian Money Laundering Act, prohibits U.S. financial institutions from transmitting funds to or from MEXC Global and takes effect 30 days after publication in the Federal Register.
Responses from exchanges
MEXC CEO Vugar Usi said the company is conducting an independent review of its anti‑money‑laundering and sanctions controls and intends to cooperate with FinCEN. MEXC maintains that it is operating normally and that user assets remain secure.
Other exchanges, such as OKX, have reported frozen deposits as they tighten controls ahead of the regulatory deadline. OKX’s founder Star Xu warned that funds could be frozen and accounts investigated under the special measures.
Binance compliance background
In February, Binance outlined a broader compliance monitoring program, noting that it processes more than 71,000 law‑enforcement requests globally each year and has invested hundreds of millions of dollars in transaction‑monitoring and counter‑terrorist‑financing infrastructure.
Binance advises affected users to contact its support channels for assistance and reminds them that indirect dealings with the listed entities may also breach its terms of use, potentially triggering temporary restrictions during review.
