Binance announced that it will stop processing MEXC-related transfers effective immediately. On November 6, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an order designating MEXC as a “primary money laundering concern,” alleging that approximately $16.7 billion in suspected illicit funds flowed through the platform between May 2021 and May 2026. Binance listed 13 MEXC-related entities in its notice and said it would reject transfers to these entities and temporarily hold deposits from them for compliance reviews. Users who continue trading may face further restrictions, including offboarding. FinCEN’s ban will take effect on December 10, when U.S. financial institutions will be prohibited from transmitting funds for MEXC. MEXC said its services are operating normally and users’ assets are safe; OKX founder Star Xu warned users not to transfer funds directly from MEXC. On-chain investigator ZachXBT questioned FinCEN’s $16.7 billion estimate and called for the underlying data to be made public. Sources: DeFi Planet and the U.S. Treasury Department’s FinCEN, November 13.

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