Binance stopped processing transactions involving MEXC and its affiliates immediately after the U.S. Treasury Department designated the exchange a primary money laundering concern. The restriction covers 13 specific entities, including MEXC Global Limited, MEXC Estonia OU, and MEXC Singapore Pte Ltd. Users who attempt to send funds from their Binance accounts to these addresses will face automatic rejection of the transfer request. Any deposits received from the listed entities are temporarily withheld for compliance review rather than credited to user balances.
Enforcement details
FinCEN alleges that MEXC processed at least $16 billion in suspicious transactions between May 2021 and May 2026. This figure includes nearly $1.5 billion in direct and indirect exposure to Russian sanctions evasion, a volume that underscores the scale of illicit finance flowing through the platform. The agency described MEXC’s anti-money laundering controls as severely deficient, a finding that justified the designation under the Combating Russian Money Laundering Act. The order bars U.S. financial institutions from processing fund transfers involving the exchange, effectively cutting it off from the domestic banking system. The official order takes effect 30 days after its publication in the Federal Register, though exchanges have already acted preemptively.
Market impact
MEXC ranks ninth among spot exchanges on CoinMarketCap, with about $812.5 million in spot volume over the past 24 hours. By comparison, Binance ranks first with roughly $6.4 billion in daily volume, giving it significant leverage in enforcing these new restrictions. OKX has also warned its users against transferring funds to MEXC, indicating a broader industry response to the regulatory action. Users facing potential offboarding from Binance should expect further account restrictions if they continue attempting to interact with the sanctioned entities. The situation clearly isolates MEXC from major global platforms, leaving it dependent on non-U.S. infrastructure for liquidity.
