ZachXBT questions FinCEN’s $16 billion figure for MEXC, concerned U.S. regulators are “overreaching”
On-chain investigator ZachXBT has voiced doubts about the allegation by FinCEN — the U.S. Treasury Department’s financial crimes watchdog — that an estimated $16 billion in illicit transactions were linked to the MEXC exchange.
According to ZachXBT, a closer review could uncover hundreds of millions, or even billions, of dollars’ worth of illicit activity on many other major exchanges. He also questioned why offshore exchanges with little presence in the U.S. were so quick to restrict transfers linked to MEXC. He expressed concern that U.S. regulators could overreach in their actions against platforms such as MEXC and HTX.
Even so, ZachXBT acknowledged that MEXC has historically had lax AML/KYC practices. His dispute is with the scale of the figure: he believes the $16 billion amount appears inflated and called on FinCEN to publish supporting data, along with comparisons to other exchanges, so the market can assess the claim.
The case is further evidence that legal pressure from the U.S. on offshore exchanges has yet to ease. Meanwhile, the broader market is still moving sideways, with $BTC trading around 74.288 USDT, down 0.43% over the past 24 hours, as attention turns to U.S. CPI data due at 8:30 p.m. tonight.
Do you think FinCEN’s $16 billion figure is supported by evidence, or is this a case of U.S. regulators “overreaching” against offshore exchanges?
(Not investment advice)
On-chain investigator ZachXBT has voiced doubts about the allegation by FinCEN — the U.S. Treasury Department’s financial crimes watchdog — that an estimated $16 billion in illicit transactions were linked to the MEXC exchange.
According to ZachXBT, a closer review could uncover hundreds of millions, or even billions, of dollars’ worth of illicit activity on many other major exchanges. He also questioned why offshore exchanges with little presence in the U.S. were so quick to restrict transfers linked to MEXC. He expressed concern that U.S. regulators could overreach in their actions against platforms such as MEXC and HTX.
Even so, ZachXBT acknowledged that MEXC has historically had lax AML/KYC practices. His dispute is with the scale of the figure: he believes the $16 billion amount appears inflated and called on FinCEN to publish supporting data, along with comparisons to other exchanges, so the market can assess the claim.
The case is further evidence that legal pressure from the U.S. on offshore exchanges has yet to ease. Meanwhile, the broader market is still moving sideways, with $BTC trading around 74.288 USDT, down 0.43% over the past 24 hours, as attention turns to U.S. CPI data due at 8:30 p.m. tonight.
Do you think FinCEN’s $16 billion figure is supported by evidence, or is this a case of U.S. regulators “overreaching” against offshore exchanges?
(Not investment advice)
