Key facts
- Binance said it will decline any request to send funds from a Binance account to MEXC.
- Deposits from 13 listed MEXC entities will be temporarily withheld for compliance review, Binance said.
- FinCEN alleges MEXC processed at least $16 billion in suspicious transactions between May 2021 and May 2026.
- FinCEN said nearly $1.5 billion of that involved direct and indirect exposure to Russian sanctions evasion.
- The FinCEN order bars U.S. financial institutions from processing fund transfers involving MEXC.
Binance said on November 10, 2026 that it had stopped processing transactions involving MEXC and its affiliates, days after the U.S. Treasury Department's Financial Crimes Enforcement Network named MEXC a primary money laundering concern. In a post on X, Binance said users should not send funds to, receive funds from, or otherwise transact through Binance involving MEXC, MEXC Global, MEXC affiliates or related entities.
Binance's announcement lists 13 covered entities, including MEXC Global Limited, MEXC Estonia OÜ and MEXC Singapore Pte Ltd. Any request to send funds from a Binance account to MEXC will be declined, the exchange said. Deposits received from those entities will be temporarily withheld for compliance review, and users could face further restrictions, including being offboarded from Binance.
FinCEN issued its order on November 6, 2026 under the Combating Russian Money Laundering Act, in connection with Russian illicit finance. The order bars U.S. financial institutions from processing fund transfers involving the exchange and takes effect 30 days after publication in the Federal Register. FinCEN alleges 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 its anti-money laundering controls as severely deficient.
MEXC ranks ninth among spot exchanges on CoinMarketCap, which scores platforms on traffic, liquidity and trading volume, with about $812.5 million in spot volume over the 24 hours before the report. Binance ranks first, with about $6.4 billion. OKX has also warned its users against transferring funds to MEXC, Finance Magnates reported.