MEXC Says Deposits, Withdrawals and Trading Continue After FinCEN Order

MEXC CEO Vugar Usi says the exchange's deposits, withdrawals and trading remain operational after the Financial Crimes Enforcement Network (FinCEN) barred U.S.-regulated financial institutions from processing transfers involving MEXC Global on Nov. 6.

Usi said MEXC had established contact with FinCEN with assistance from a U.S. law firm. He said the agency confirmed receipt of the exchange's written request on Monday, Nov. 9, and that MEXC is prepared to cooperate with the investigation.

Usi said the exchange's deposit, withdrawal and trading functions are all running normally. His update describes MEXC's platform operations, while the order applies to regulated U.S. financial institutions handling transfers involving MEXC Global.

FinCEN's order alleges that MEXC handled at least $16 billion in funds connected to sanctions evasion and cybercrime. The restriction remains in place.

The order's target and the company's update are distinct: one covers regulated institutions' transfer processing, and the other describes the status of MEXC's platform.