Binance Shuts Down Transfers Involving MEXC and Its Affiliates
Binance, the world's largest cryptocurrency exchange, has announced it will immediately halt all transfers involving MEXC and its affiliates following a U.S. Treasury designation.
The decision comes just days after the U.S. Financial Crimes Enforcement Network (FinCEN) designated MEXC as a Primary Money Laundering Concern on November 6. Binance released an official announcement on Tuesday, November 10, warning users that it has stopped all trading services related to MEXC following new concerns about its legitimacy.
Fraud Allegations
The U.S. Treasury accused MEXC of facilitating at least $16 billion in illicit transactions tied to sanctions evasion and cybercrime, as well as defrauding people of their funds. Although MEXC is among the top 20 crypto exchanges globally, these serious allegations have triggered a coordinated response from major financial institutions.
Affected Entities
Binance has prohibited its users from directly or indirectly sending funds to, receiving funds from, or conducting transactions through Binance involving MEXC and its related entities. The MEXC-affiliated entities mentioned by Binance include MEXC Global Limited, MEXC Estonia OÜ, MEXC Singapore Pte Ltd, MEXC Global Foundation Ltd, GIDA Technology AG, and several other companies operating under the MEXC name.
Industry Response
While Binance remains the first crypto exchange to take action in accordance with FinCEN's rule, it appears that many other exchanges are lining up to take similar measures. This coordinated action effectively cuts MEXC off from the global financial system, significantly limiting its ability to operate.
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