Binance officially blocks all transactions related to MEXC following FinCEN decision
Binance has just sent a notice to users: following a recent decision by FinCEN — the U.S. Treasury Department’s financial crime enforcement agency — identifying MEXC as a “Primary Money Laundering Concern,” Binance will no longer be able to process transactions involving entities in the MEXC ecosystem on the designated list. These include MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, MXC Global Ltd, MEXC Singapore Pte Ltd, MEXC (Comoros) Ltd, and MEXC’s affiliates.
What does this mean for Binance users? Any request to transfer assets from a Binance account to an entity on the list above will be rejected. Conversely, deposits to Binance originating from these entities will be held for compliance review. During this process, additional restrictions may be imposed on the accounts involved, including account suspension. Binance also noted that transactions of this kind may constitute a violation of its Terms of Use.
This move is the latest development in a case that has sparked debate in recent days: FinCEN estimates that around $16 billion in illicit transactions are linked to MEXC, while on-chain investigator ZachXBT argues that the figure is inflated and has questioned why offshore exchanges are rushing to restrict transfers involving MEXC. While the debate remains unresolved, the market’s largest exchange has now officially cut off its transaction channel with MEXC.
In the market, $BTC is currently trading sideways around 73.828 USDT, virtually unchanged over the past 24 hours following a run of red sessions triggered by CPI news.
If you’re holding assets on MEXC or regularly transfer funds between exchanges, check your deposits and withdrawals. Do you think this move is necessary to clean up the market, or is it an excessive blow to MEXC?
(Not investment advice)
Binance has just sent a notice to users: following a recent decision by FinCEN — the U.S. Treasury Department’s financial crime enforcement agency — identifying MEXC as a “Primary Money Laundering Concern,” Binance will no longer be able to process transactions involving entities in the MEXC ecosystem on the designated list. These include MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, MXC Global Ltd, MEXC Singapore Pte Ltd, MEXC (Comoros) Ltd, and MEXC’s affiliates.
What does this mean for Binance users? Any request to transfer assets from a Binance account to an entity on the list above will be rejected. Conversely, deposits to Binance originating from these entities will be held for compliance review. During this process, additional restrictions may be imposed on the accounts involved, including account suspension. Binance also noted that transactions of this kind may constitute a violation of its Terms of Use.
This move is the latest development in a case that has sparked debate in recent days: FinCEN estimates that around $16 billion in illicit transactions are linked to MEXC, while on-chain investigator ZachXBT argues that the figure is inflated and has questioned why offshore exchanges are rushing to restrict transfers involving MEXC. While the debate remains unresolved, the market’s largest exchange has now officially cut off its transaction channel with MEXC.
In the market, $BTC is currently trading sideways around 73.828 USDT, virtually unchanged over the past 24 hours following a run of red sessions triggered by CPI news.
If you’re holding assets on MEXC or regularly transfer funds between exchanges, check your deposits and withdrawals. Do you think this move is necessary to clean up the market, or is it an excessive blow to MEXC?
(Not investment advice)
