Binance, one of the top crypto exchanges, has implemented compliance restrictions on transactions involving MEXC crypto exchange. This action comes following the US Financial Crimes Enforcement Network’s (FinCEN) designation of the cryptocurrency exchange as a Primary Money Laundering Concern. The measure by Binance prohibits users from sending and receiving funds from MEXC and its related entities. Binance has officially announced this step on its X account.
Binance is applying enhanced compliance measures following FinCEN’s designation of MEXC as a Primary Money Laundering Concern.
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. Requests to send funds to MEXC addresses will be rejected.
Any direct or indirect transaction involving these entities will be subject to further review. Impacted funds and accounts may be temporarily restricted while the review is ongoing, and such activity may constitute a breach of Binance Terms of Use.
For questions, please contact Binance Support through official channels.
— Binance (@binance) November 10, 2026
Under the new rules, Binance will reject withdrawal requests directed to MEXC-linked addresses. Accounts and funds making such activity may face temporary restrictions.
Binance Responds to FinCEN’s $16 Billion Illicit Transaction Allegations
The restrictions follow a FinCEN order issued on November 6, 2026, under Operation Economic Outcast. The US agency identified MEXC Global as a financial institution of primary money laundering concern in connection with alleged Russian and Iranian illicit financial activity.
According to FinCEN, MEXC facilitated at least $16 billion in illicit transactions between May 2021 and May 2026. The agency linked the alleged activity to sanctions evasion involving Iran, North Korea, and Russia, as well as cybercrime.
However, this action by FinCEN has attracted criticism from analysts and investigators. Renowned on-chain investigator ZachXBT has called this measure a regulator overreach. He said that the $16B figure is overstated. He also said that such illicit transfers can be found on other exchanges too.
FinCEN Order Targets MEXC’s Access to US Financial System
FinCEN’s action prohibits US financial institutions from processing fund transfers involving MEXC Global and its affiliated entities operating outside the United States. The restriction is scheduled to take effect 30 days after publication in the Federal Register. The designation by FinCEN is distinct from OFAC sanctions.
Binance’s announcement namely identified several entities related to MEXC that fall under its restrictions. These entities include MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, and MXC Global Ltd.