FinCEN’s special measures order against MEXC hasn’t taken effect yet, but its peers have already made their move.
Star, the founder of OKX, publicly advised people not to transfer money directly from MEXC to OKX for the time being. OKX has tightened its own compliance measures, treating the matter at a level close to financial sanctions. Funds from MEXC may be frozen pending review, and the accounts involved could face further investigation. Some users have also reported that money withdrawn from MEXC to OKX, Binance, and Gate has been held for review, delayed in arriving, or entered the refund process. Bitget Wallet’s card top-up service simply refuses to accept funds identified as coming from MEXC.
MEXC’s CEO says deposits and withdrawals are operating normally, and Elliptic has also removed its special risk label for the exchange, reverting to the label “exchange.”
But none of that matters. What matters is that you realize the so-called “borderless crypto world” looks different when the U.S. Treasury calls someone out: the first to take sides are its peers. Before regulations even take effect, other platforms have already closed the door on its behalf—because they’re afraid of being dragged into it too.
If you still have money on MEXC, don’t mistake “the platform says everything is normal” for “your money can get out without a hitch.” The exit is in someone else’s hands.
#MEXC
Star, the founder of OKX, publicly advised people not to transfer money directly from MEXC to OKX for the time being. OKX has tightened its own compliance measures, treating the matter at a level close to financial sanctions. Funds from MEXC may be frozen pending review, and the accounts involved could face further investigation. Some users have also reported that money withdrawn from MEXC to OKX, Binance, and Gate has been held for review, delayed in arriving, or entered the refund process. Bitget Wallet’s card top-up service simply refuses to accept funds identified as coming from MEXC.
MEXC’s CEO says deposits and withdrawals are operating normally, and Elliptic has also removed its special risk label for the exchange, reverting to the label “exchange.”
But none of that matters. What matters is that you realize the so-called “borderless crypto world” looks different when the U.S. Treasury calls someone out: the first to take sides are its peers. Before regulations even take effect, other platforms have already closed the door on its behalf—because they’re afraid of being dragged into it too.
If you still have money on MEXC, don’t mistake “the platform says everything is normal” for “your money can get out without a hitch.” The exit is in someone else’s hands.
#MEXC