Binance is blocking cryptocurrency transfers involving MEXC and its affiliates following a US regulatory action linking the exchange to at least $16 billion in alleged illicit transactions . In its November 10, 2026 notice, Binance said it would reject withdrawals to the affected entities and temporarily hold incoming deposits for compliance checks.
Key takeaways
Binance’s restrictions cover transfers involving MEXC and associated entities.
FinCEN’s allegations concern transactions between May 2021 and May 2026.
A US order bars covered financial institutions from transmitting funds to or from MEXC once effective.
MEXC disputes the allegations and has begun an independent compliance examination.
Binance blocks transfers involving MEXC and affiliates
Binance instructed customers to avoid sending or receiving funds through its platform, directly or indirectly, involving MEXC and the associated entities or categories listed in its notice. Its restrictions distinguish between rejected withdrawals and incoming deposits held for review.
The named entities include MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, MXC Global Ltd, MEXC Global Foundation Ltd, MEXC Singapore Pte Ltd and MEXC (Comoros) Ltd. The announcement also covers other associated names and affiliates.
Binance warned that customers receiving funds from affected entities face possible account restrictions during compliance reviews . Depending on the findings, the exchange said it could impose additional limits or end access to its services under its terms of use.
FinCEN alleges sanctions evasion and inadequate controls
On November 6, 2026, FinCEN , the US Treasury’s Financial Crimes Enforcement Network, issued an order labeling MEXC a primary money laundering concern. According to the agency, transactions worth at least $16 billion flowed through the exchange between May 2021 and May 2026 in connection with illicit activity linked to Russia, Iran and North Korea.
Sanctions evasion, cybercrime and other unlawful financial conduct are among the claims made. FinCEN further charged that MEXC’s anti-money laundering safeguards were insufficient, even though the platform had publicly claimed to block users from sanctioned countries.
According to US officials, roughly $1 billion moved directly through more than 40 Iranian crypto exchanges, several of which are already sanctioned, while an additional $22 million was reportedly connected to Iran’s central bank and the Islamic Revolutionary Guard Corps, including its Qods Force.
According to the Treasury Department, MEXC handled daily transaction volumes exceeding $1 billion and reported holding roughly $5 billion in reserves as of September 2026.
Invoking Section 9714 of the Combating Russian Money Laundering Act , the order permits limits on foreign financial institutions tied to illicit Russian finance, barring covered US financial institutions from sending or receiving funds involving MEXC once it takes effect 30 days after publication in the Federal Register.
MEXC pushes back on claims while OKX cautions users
In a statement issued November 7, MEXC rejected the accusations, noting that its legal and compliance departments were examining FinCEN’s conclusions, and launched an independent review of its anti-money laundering and sanctions compliance measures .
Later, MEXC’s chief executive, Vugar Usi, confirmed that withdrawal activity had increased. Meanwhile, OKX ’s chief executive Star Xu cautioned users against transferring crypto straight from MEXC following FinCEN’s action, noting that deposits tied to the affected exchanges might be frozen and users could undergo additional scrutiny amid stricter compliance reviews.
Before Binance halted MEXC-linked transfers, MEXC had already adjusted which regions it served. The exchange disclosed in October 2026 that it would cease operating for customers in Russia and Belarus, offering separate guidance on closing positions and withdrawing funds.
In May 2026, MEXC had restricted selected futures pairs for customers in Russia, Ukraine, Armenia and Belarus, preventing new positions in the affected contracts. In July 2026, Robert MacDonald was brought on as chief compliance officer, alongside a newly announced partnership with LSEG Risk Intelligence enabling use of World -Check screening tools.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
