What Binance's MEXC cutoff means if you move funds between exchanges
Four days after the US Treasury's FinCEN named MEXC a "primary money laundering concern" (Nov 6), Binance posted a notice on Nov 10 covering MEXC and 12 other listed names and affiliates.
What changes, per Binance's announcement:
• Withdrawals from a Binance account to those entities are declined.
• Deposits received from them are held for compliance review.
• Accounts tied to those flows may be restricted, and in serious cases offboarded under the Terms of Use.
Why it matters: FinCEN alleges at least $16B in suspicious transactions between May 2021 and May 2026, including nearly $1.5B of exposure to Russian sanctions evasion (reported by Decrypt). FinCEN's order itself only takes effect 30 days after Federal Register publication, so Binance moved before the order is in force.
My read: the real shift is that exchange-to-exchange transfers now carry counterparty risk, not just network fees. For anyone routing $USDT or $BTC between venues, where the funds came from now matters.
Do you check an exchange's compliance record before moving funds there?
#Binance #MEXC #Regulation
Disclosure: I can earn Binance Write to Earn rewards from this post.
Four days after the US Treasury's FinCEN named MEXC a "primary money laundering concern" (Nov 6), Binance posted a notice on Nov 10 covering MEXC and 12 other listed names and affiliates.
What changes, per Binance's announcement:
• Withdrawals from a Binance account to those entities are declined.
• Deposits received from them are held for compliance review.
• Accounts tied to those flows may be restricted, and in serious cases offboarded under the Terms of Use.
Why it matters: FinCEN alleges at least $16B in suspicious transactions between May 2021 and May 2026, including nearly $1.5B of exposure to Russian sanctions evasion (reported by Decrypt). FinCEN's order itself only takes effect 30 days after Federal Register publication, so Binance moved before the order is in force.
My read: the real shift is that exchange-to-exchange transfers now carry counterparty risk, not just network fees. For anyone routing $USDT or $BTC between venues, where the funds came from now matters.
Do you check an exchange's compliance record before moving funds there?
#Binance #MEXC #Regulation
Disclosure: I can earn Binance Write to Earn rewards from this post.