The U.S. Treasury Department has formally designated MEXC Global as a significant money laundering risk and ordered it to cut off its U.S. dollar transfer channels with the U.S. financial system. An order issued by FinCEN on November 6 prohibits U.S. financial institutions from processing any fund transfers related to MEXC and takes effect 30 days after publication in the (Federal Register) (U.S. Treasury Department, Decrypt, Cointelegraph, November 6).
Officials say that from May 2021 to May 2026, MEXC processed at least $16 billion in funds linked to sanctions evasion by Iran, North Korea and Russia, as well as cybercrime. About $1.5 billion of that involved Russian sanctions evasion, including $232 million in direct transactions with entities sanctioned by the U.S., EU and UK. MEXC has said it prohibits users from Iran and North Korea, but FinCEN still found serious deficiencies in its anti-money laundering controls.
Personal view: This news impacts exchange banking channels and the compliance discount; BTC has not yet seen sell-offs of the same magnitude. Binance snapshot at 13:20 on November 7: BTC at $75,928 (+0.264%), with a 24-hour range of $74,888–$76,378. If the 4-hour candle closes above $76,380 and a retest holds above $75,900, consider a long, targeting $77,300 and $78,500, with a stop-loss at $75,000. If it falls below $74,888 and the rebound fails to reclaim that level, watch $73,500 and $72,500, with a stop-loss at $76,400.
Watch MEXC withdrawals and stablecoin deposits and withdrawals going forward; if only fiat channels are affected, the impact on BTC may be limited. Could exchange compliance risks spill over?
$BTC
The above content does not constitute investment advice