OKX Warns Users Against Direct MEXC-to-OKX Transfers After FinCEN Order

OKX founder and CEO Star Xu warned users Saturday against direct transfers from MEXC Global to OKX, one day after the U.S. Treasury issued an order restricting covered financial institutions from handling funds involving the exchange.

The Financial Crimes Enforcement Network (FinCEN) order issued Nov. 6 says MEXC facilitated the movement of $16.7 billion in funds connected to Russian illicit finance and other illicit activity, including sanctions evasion and cybercrime, between May 2021 and May 2026. The figure is FinCEN’s assessment of fund flows, not customer losses.

Xu said funds associated with affected platforms could be frozen and related accounts could face further investigation. His warning did not say all MEXC transfers would be rejected.

MEXC CEO Vugar Usi said Saturday that withdrawals had increased but remained orderly and that deposits and withdrawals continued operating smoothly. MEXC said its operations were normal, user assets remained secure and it had announced an independent review of its anti-money laundering and sanctions controls.

The order applies to transactions handled by covered financial institutions; it does not direct them to freeze balances customers already hold on MEXC. It is set to take effect 30 days after Federal Register publication, scheduled for Nov. 10.