Binance Will Reject MEXC Transfers Before FinCEN Order Takes Effect

Binance will reject transfers to MEXC Global and temporarily hold deposits from the exchange, tightening access for customers as a U.S. anti-money-laundering order approaches next month.

The exchange’s Nov. 10 notice covers MEXC and named affiliates and related entities. Binance will decline outgoing transfer requests to those parties and hold incoming deposits for compliance review. Customers involved may face account restrictions or offboarding under Binance’s terms. Binance did not disclose when the restrictions began. The notice does not specify how long reviews will take or how many accounts or transfers are affected.

FinCEN designated MEXC as a primary money-laundering concern tied to Russian illicit finance. FinCEN’s order alleges MEXC facilitated $16.7 billion in funds connected to Russian illicit finance and other illicit activity from May 2021 through May 2026. The order applies to certain transfers involving covered U.S. financial institutions and takes effect Dec. 10.

MEXC said Nov. 7 that it was reviewing the order and that its operations were normal and user assets remained secure. TokenPost previously covered MEXC’s response.