Binance just issued an announcement: It will no longer process transfers related to MEXC. Anyone depositing funds into Binance from other exchanges should take note.
Today (November 10), Binance issued an important notice: On November 6, the U.S. Treasury Department’s FinCEN designated MEXC as a “primary money laundering concern,” so Binance will no longer process transactions involving MEXC and the affiliated entities it has listed.
The notice clearly explains how this will be enforced: Requests to transfer funds from Binance wallets to these entities will be rejected; deposits into Binance from these entities will be temporarily held for compliance review. During the review, the relevant accounts may be restricted, and in serious cases, service may be terminated under the terms of service. The notice does not say how long the review will take.
For context, FinCEN says MEXC was involved in at least approximately $16 billion in suspicious funds between May 2021 and May 2026. U.S. financial institutions will be prohibited from transferring funds with it after 30 days. MEXC has publicly said it disagrees with the allegations and that trading, deposits, and withdrawals are operating as usual. This is simply a report of what each party has said; the investigation will determine what is true.
For ordinary users, there are three things to keep in mind: First, if you usually transfer coins directly from MEXC to Binance, hold off for now, especially if you’re considering trying it with a large amount. Second, don’t accept MEXC transfers on someone else’s behalf. If the funds are held or your account is restricted, you’ll be the one dealing with the hassle. Third, if you still have assets on other platforms, now is a good time to check where your money is held. Don’t put all your eggs in one basket.
How many platforms are your assets spread across? Have you ever had a deposit flagged for review?
#币安 #MEXC #Compliance
Today (November 10), Binance issued an important notice: On November 6, the U.S. Treasury Department’s FinCEN designated MEXC as a “primary money laundering concern,” so Binance will no longer process transactions involving MEXC and the affiliated entities it has listed.
The notice clearly explains how this will be enforced: Requests to transfer funds from Binance wallets to these entities will be rejected; deposits into Binance from these entities will be temporarily held for compliance review. During the review, the relevant accounts may be restricted, and in serious cases, service may be terminated under the terms of service. The notice does not say how long the review will take.
For context, FinCEN says MEXC was involved in at least approximately $16 billion in suspicious funds between May 2021 and May 2026. U.S. financial institutions will be prohibited from transferring funds with it after 30 days. MEXC has publicly said it disagrees with the allegations and that trading, deposits, and withdrawals are operating as usual. This is simply a report of what each party has said; the investigation will determine what is true.
For ordinary users, there are three things to keep in mind: First, if you usually transfer coins directly from MEXC to Binance, hold off for now, especially if you’re considering trying it with a large amount. Second, don’t accept MEXC transfers on someone else’s behalf. If the funds are held or your account is restricted, you’ll be the one dealing with the hassle. Third, if you still have assets on other platforms, now is a good time to check where your money is held. Don’t put all your eggs in one basket.
How many platforms are your assets spread across? Have you ever had a deposit flagged for review?
#币安 #MEXC #Compliance