Binance Halts MEXC Affiliate Transfers After FinCEN Order

On November 10, 2026, Binance said it will no longer process transactions involving MEXC Global Limited, MEXC Estonia OÜ, MEXC Singapore Pte Ltd and other MEXC affiliates, according to Wu Blockchain, which linked to a Binance support announcement. Outgoing transfers to the listed entities will be rejected. Funds arriving from them will be held for a compliance review, and affected accounts may face further restrictions or termination of services.

What happened

ChainCatcher reported that Binance’s notice tells users not to send funds to, receive funds from, or otherwise transact through Binance with the listed MEXC entities, directly or indirectly. The notice follows a November 6 order from the U.S. Treasury’s Financial Crimes Enforcement Network.

Under section 9714(a) of the Combating Russian Money Laundering Act, FinCEN found MEXC Global to be a financial institution of primary money laundering concern in connection with Russian illicit finance, the Treasury Department said. The order prohibits covered U.S. financial institutions from any transmittal of funds to or from MEXC Global, including convertible virtual currency. It takes effect 30 days after publication in the Federal Register. Treasury said the order does not change Bank Secrecy Act duties or sanctions administered by the Office of Foreign Assets Control, and it is not an OFAC designation that blocks property.

Treasury said that between May 2021 and May 2026 MEXC facilitated at least $16 billion connected to sanctions evasion, cybercrime and other illicit activity. That includes nearly $1.5 billion linked to Russian sanctions evasion, of which $232 million was in direct transactions with entities sanctioned by the United States, the European Union or the United Kingdom. The department said MEXC was still processing transactions with sanctioned Russian platform Garantex and its successor Grinex as recently as June 2026. CoinDesk reported that MEXC is the largest crypto exchange hit under this section of the law.

Why it matters

Binance’s restriction is a platform compliance decision. The FinCEN prohibition binds covered U.S. financial institutions and is not yet in force. Counterparties have still tightened screening. In the days after November 6, users reported that deposits sent from MEXC to Binance, OKX and Gate were delayed or placed under review. Those accounts described individual checks, not a single announced ban at every venue. OKX’s founder advised users to avoid direct transfers from MEXC while reviews continue.

MEXC has said in public updates that customer assets remain secure and that deposits, withdrawals and trading continue to operate normally. It has also said it is reviewing the order and has started an independent review of its anti-money-laundering and sanctions controls. For users, a transfer can confirm on a blockchain and still be rejected or held by the receiving exchange.

Treasury Secretary Scott Bessent said institutions “cannot have it both ways” if they want access to the U.S. financial system while serving sanctioned networks. The order is part of Operation Economic Outcast, Treasury’s campaign against channels used for sanctions evasion.

What’s next

The U.S. ban on transmittals by covered institutions starts 30 days after the order is published in the Federal Register. On the terms of the Treasury release, that step does not freeze balances held at MEXC or require non-U.S. exchanges to close the venue. Binance has already told users that transfers involving the listed affiliates will not be processed in the ordinary way: outgoing requests are to be rejected, and incoming funds may stay unavailable during review.

Other platforms may issue their own notices as screening tools flag MEXC-linked activity. How long individual holds last will depend on those notices and on when the FinCEN order takes effect. MEXC has said it intends to engage with FinCEN and other authorities. Users moving funds between exchanges will need to follow each platform’s current instructions rather than assume an on-chain send will be credited.

Sources

• Wu Blockchain — Binance Halts Transactions Involving MEXC and Its Affiliates Following FinCEN Designation
• ChainCatcher — Binance to stop processing transfers involving MEXC and related entities
• U.S. Department of the Treasury — Operation Economic Outcast Severs MEXC Global’s Access to the U.S. Financial System
• CoinDesk — U.S. Treasury moves to cut off crypto exchange MEXC over $16 billion in alleged illicit flows
• Decrypt — Treasury Cuts Crypto Exchange MEXC Off From US Financial System