🐉 MEXC HAS ANSWERED FINCEN, BUT THE CLOCK STILL HAS NOT STARTED
👉 MEXC responded on X on November 7, saying it is aware of the FinCEN order, is reviewing it with its legal and compliance teams, is operating normally, and user assets remain secure. It has also started an independent review of its AML and sanctions controls.
👉 CEO Vugar Usi said deposits and withdrawals continue, even with higher withdrawal volumes, and said Elliptic has restored MEXC to its regular Exchange category.
👉 The other half has not moved. A check of the Federal Register today, Monday November 9, found no MEXC order in the published issue, so the order is still not published and the 30 day clock has not started. It only takes effect 30 days after publication.
👉 That corrects our November 7 post, which said MEXC had not publicly responded. It has now. The order itself is unchanged, Operation Economic Outcast, with at least $16B in alleged illicit flows from May 2021 to May 2026.
👉 The spillover is already visible. OKX CEO Star Xu warned users against direct transfers from MEXC, and users have reported MEXC origin deposits delayed or screened at OKX, Binance and Gate.
👉 BTC is trading around $74,884, down about 1.4% today, so the market is still treating this as a single exchange compliance shock, not a systemic panic.
👉 The next real date is the publication date, not the headlines. Until it appears in the Federal Register, there is no effective date to count down to.
#BinanceSquare #MEXC #Bitcoin #Regulation #Crypto
The response is in, the countdown is not.
👉 MEXC responded on X on November 7, saying it is aware of the FinCEN order, is reviewing it with its legal and compliance teams, is operating normally, and user assets remain secure. It has also started an independent review of its AML and sanctions controls.
👉 CEO Vugar Usi said deposits and withdrawals continue, even with higher withdrawal volumes, and said Elliptic has restored MEXC to its regular Exchange category.
👉 The other half has not moved. A check of the Federal Register today, Monday November 9, found no MEXC order in the published issue, so the order is still not published and the 30 day clock has not started. It only takes effect 30 days after publication.
👉 That corrects our November 7 post, which said MEXC had not publicly responded. It has now. The order itself is unchanged, Operation Economic Outcast, with at least $16B in alleged illicit flows from May 2021 to May 2026.
👉 The spillover is already visible. OKX CEO Star Xu warned users against direct transfers from MEXC, and users have reported MEXC origin deposits delayed or screened at OKX, Binance and Gate.
👉 BTC is trading around $74,884, down about 1.4% today, so the market is still treating this as a single exchange compliance shock, not a systemic panic.
👉 The next real date is the publication date, not the headlines. Until it appears in the Federal Register, there is no effective date to count down to.
#BinanceSquare #MEXC #Bitcoin #Regulation #Crypto
The response is in, the countdown is not.