The US is “bringing global cryptocurrency exchanges into its fold”
On November 6, the Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury Department, issued an order prohibiting US financial institutions from processing fund transfers involving cryptocurrency exchange MEXC (MEXC Global), citing allegations that it handled more than $16 billion in funds related to sanctions evasion and cybercrime between 2021 and 2026.
For cryptocurrency exchanges seeking to serve mainstream capital around the world, the cost of operating outside the US regulatory system is becoming extremely high. To some extent, the US is gradually bringing global cryptocurrency exchanges into its fold through two routes: “cooperative integration” and “law-enforcement crackdowns.”
The Compliant Camp: Binance’s Shift Toward Compliance and Business
To understand Binance’s current position, we need to go back to November 2023. At the time, Binance agreed to pay more than $4.3 billion in penalties. Its founder, Changpeng Zhao, pleaded guilty and stepped down, while also agreeing to five years of compliance monitoring.
Binance then began a series of moves to align itself with mainstream institutions and US business and political interests:
Stablecoin partnership: It entered a strategic partnership with Circle, issuer of USDC, expanding its on-chain dollar business.
Attracting Middle Eastern and US business and political capital: In 2025, it received a $2 billion investment from Abu Dhabi-based MGX and adopted USD1, a US dollar stablecoin issued by a project associated with the Trump family, for settlements.
Founder pardoned: In October 2025, Changpeng Zhao received a presidential pardon from Trump.
This shows that after completing compliance reforms, exchanges are accelerating their integration into the US financial system through commercial partnerships and political engagement.
The Deeply Integrated Camp: OKX Brings in a Wall Street Giant
OKX has gone further than Binance, bringing a top US financial institution directly into its governance structure:
Compliance resolution: In February 2025, the operating entity of OKX pleaded guilty and paid more than $504 million in fines and forfeitures, and appointed an independent compliance consultant.
Wall Street investment: In March 2026, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested in OKX at a $25 billion valuation and secured a seat on its board.
Business integration: ICE obtained a license to OKX’s cryptocurrency price data; OKX plans to offer users worldwide access to ICE-regulated futures and trading in tokenized NYSE-listed stocks.
The Resistance Camp: Garantex’s Sanctions and Struggle to Survive
Exchanges that refuse or are unable to integrate into the US system, such as the Russian platform Garantex, face a double blow to their financial channels and technology infrastructure:
Comprehensive sanctions: OFAC added it to the sanctions list, restricting its connections with global financial institutions.
Seizure of network infrastructure: In March 2025, the US, Germany, and Finland jointly seized its domain names and servers. The Department of Justice charged individuals connected to the platform and froze assets.
Pursuit of successor platforms: Even after Garantex tried to move funds through a new platform, Grinex, and ruble tokens, the US quickly added the new platform to its sanctions list.
On-Chain Assets Are Not Beyond Regulatory Reach
Some believe that “only trading crypto for crypto on-chain” can sidestep US influence, but that is not the case:
Issuer control: In March 2025, Tether (issuer of USDT) publicly announced that it had cooperated with the US Secret Service to freeze $23 million in USDT linked to Garantex.
Dual-layer reach: US control now extends to both traditional banking channels and on-chain stablecoins. As long as an exchange relies on centralized dollar stablecoins such as USDT, it must comply with US rules and freezing requirements.
Conclusion: The Endgame for Global Exchanges
Global cryptocurrency exchanges spent more than a decade building cross-border user networks and trading infrastructure. Now, the US is taking advantage of that foundation to “reap the rewards”:
Exchanges willing to cooperate: They accept compliance reviews and bring in US investors, gaining access to the enormous liquidity and returns of traditional financial markets.
Exchanges that refuse to cooperate: They face financial disconnection, server seizures, hefty fines, and extremely high operating costs.
US financial institutions and dollar-denominated assets are using the infrastructure built by exchanges to penetrate the accounts of cryptocurrency users around the world.
On November 6, the Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury Department, issued an order prohibiting US financial institutions from processing fund transfers involving cryptocurrency exchange MEXC (MEXC Global), citing allegations that it handled more than $16 billion in funds related to sanctions evasion and cybercrime between 2021 and 2026.
For cryptocurrency exchanges seeking to serve mainstream capital around the world, the cost of operating outside the US regulatory system is becoming extremely high. To some extent, the US is gradually bringing global cryptocurrency exchanges into its fold through two routes: “cooperative integration” and “law-enforcement crackdowns.”
The Compliant Camp: Binance’s Shift Toward Compliance and Business
To understand Binance’s current position, we need to go back to November 2023. At the time, Binance agreed to pay more than $4.3 billion in penalties. Its founder, Changpeng Zhao, pleaded guilty and stepped down, while also agreeing to five years of compliance monitoring.
Binance then began a series of moves to align itself with mainstream institutions and US business and political interests:
Stablecoin partnership: It entered a strategic partnership with Circle, issuer of USDC, expanding its on-chain dollar business.
Attracting Middle Eastern and US business and political capital: In 2025, it received a $2 billion investment from Abu Dhabi-based MGX and adopted USD1, a US dollar stablecoin issued by a project associated with the Trump family, for settlements.
Founder pardoned: In October 2025, Changpeng Zhao received a presidential pardon from Trump.
This shows that after completing compliance reforms, exchanges are accelerating their integration into the US financial system through commercial partnerships and political engagement.
The Deeply Integrated Camp: OKX Brings in a Wall Street Giant
OKX has gone further than Binance, bringing a top US financial institution directly into its governance structure:
Compliance resolution: In February 2025, the operating entity of OKX pleaded guilty and paid more than $504 million in fines and forfeitures, and appointed an independent compliance consultant.
Wall Street investment: In March 2026, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested in OKX at a $25 billion valuation and secured a seat on its board.
Business integration: ICE obtained a license to OKX’s cryptocurrency price data; OKX plans to offer users worldwide access to ICE-regulated futures and trading in tokenized NYSE-listed stocks.
The Resistance Camp: Garantex’s Sanctions and Struggle to Survive
Exchanges that refuse or are unable to integrate into the US system, such as the Russian platform Garantex, face a double blow to their financial channels and technology infrastructure:
Comprehensive sanctions: OFAC added it to the sanctions list, restricting its connections with global financial institutions.
Seizure of network infrastructure: In March 2025, the US, Germany, and Finland jointly seized its domain names and servers. The Department of Justice charged individuals connected to the platform and froze assets.
Pursuit of successor platforms: Even after Garantex tried to move funds through a new platform, Grinex, and ruble tokens, the US quickly added the new platform to its sanctions list.
On-Chain Assets Are Not Beyond Regulatory Reach
Some believe that “only trading crypto for crypto on-chain” can sidestep US influence, but that is not the case:
Issuer control: In March 2025, Tether (issuer of USDT) publicly announced that it had cooperated with the US Secret Service to freeze $23 million in USDT linked to Garantex.
Dual-layer reach: US control now extends to both traditional banking channels and on-chain stablecoins. As long as an exchange relies on centralized dollar stablecoins such as USDT, it must comply with US rules and freezing requirements.
Conclusion: The Endgame for Global Exchanges
Global cryptocurrency exchanges spent more than a decade building cross-border user networks and trading infrastructure. Now, the US is taking advantage of that foundation to “reap the rewards”:
Exchanges willing to cooperate: They accept compliance reviews and bring in US investors, gaining access to the enormous liquidity and returns of traditional financial markets.
Exchanges that refuse to cooperate: They face financial disconnection, server seizures, hefty fines, and extremely high operating costs.
US financial institutions and dollar-denominated assets are using the infrastructure built by exchanges to penetrate the accounts of cryptocurrency users around the world.