Decrypt reported on November 10, 2026 that Binance had stopped processing transactions involving MEXC, days after the U.S. Treasury Department designated MEXC a primary money laundering concern.
Binance said in a Tuesday post, dated November 10, 2026, that it was applying enhanced compliance measures after the designation by the Treasury’s Financial Crimes Enforcement Network (FinCEN). The exchange told users: “Effective immediately, users should not send funds to, receive funds from, or otherwise transact through Binance involving MEXC, MEXC Global, MEXC affiliates or related entities.”
According to Binance’s announcement, any request to send funds from a Binance account to MEXC will be declined. The restriction covers 13 entities, including MEXC Global Limited, MEXC Estonia OÜ and MEXC Singapore Pte Ltd. Deposits received from those entities will be temporarily withheld for compliance review, and Binance said users could face further restrictions, including being offboarded from the platform.
At the time of the report, CoinMarketCap ranked MEXC ninth among spot exchanges, scoring platforms on traffic, liquidity and trading volume. It showed about $812.5 million in MEXC spot volume over the previous 24 hours. Binance ranked first, with about $6.4 billion over the same period.
FinCEN had named MEXC a primary money laundering concern the previous Friday, in connection with Russian illicit finance. The order, issued under the Combating Russian Money Laundering Act, bars U.S. financial institutions from processing fund transfers involving the exchange. FinCEN alleged that MEXC processed at least $16 billion in suspicious transactions between May 2021 and May 2026, including nearly $1.5 billion in direct and indirect exposure to Russian sanctions evasion, and described MEXC’s anti-money laundering controls as severely deficient. The order takes effect 30 days after its publication in the Federal Register. That delayed effective date for the U.S. restriction on financial institutions is distinct from Binance’s own immediate limits on transfers involving the listed MEXC entities.
Decrypt reported that Binance was not the only exchange to respond. OKX has also warned its users against transferring funds to MEXC, Finance Magnates reported.
Original article: Decrypt, November 10, 2026.
