ZachXBT Questions FinCEN’s Roughly $16 Billion MEXC Estimate

On-chain investigator ZachXBT questioned the Financial Crimes Enforcement Network’s (FinCEN) action against MEXC and its roughly $16 billion estimate of transactions tied to illicit activity, saying the figure may be overstated.

ZachXBT urged FinCEN to disclose the data behind its estimate and explain how it compares with activity at other large exchanges. He described MEXC’s historical anti-money laundering and identity-verification policies as relatively lax, while arguing that other large exchanges may also have handled illicit flows worth hundreds of millions to billions of dollars. He also questioned whether enforcement involving MEXC and HTX amounted to excessive intervention.

FinCEN designated MEXC a primary money laundering concern. The agency’s order restricts certain transfers involving U.S. financial institutions beginning Dec. 10, and alleges that transactions tied to Russian illicit finance and other unlawful activity involved MEXC. Details of FinCEN’s order against MEXC include the transaction estimate at the center of ZachXBT’s criticism.