Binance blocks MEXC transfers after FinCEN’s $16B crackdown

Binance has stopped processing cryptocurrency transfers involving MEXC Global and its affiliated entities after US regulators identified the exchange as a primary money laundering concern over $16 billion in alleged illicit transactions. Summary Binance will reject withdrawals to MEXC and temporarily withhold incoming deposits from the exchange and its affiliates for compliance reviews. The restrictions follow FinCEN’s designation of MEXC as a primary money laundering concern over $16 billion in alleged illicit transactions between May 2021 and May 2026. Binance warned that users receiving funds from the affected entities could face account restrictions or termination of services under its terms of use. MEXC has disputed the regulatory allegations and maintained that its trading services, deposits and withdrawals remain operational. In a November 10 announcement, Binance instructed customers not to send or receive funds directly or indirectly through its platform involving MEXC and 12 other named entities or categories associated with the exchange. Under the new restrictions, withdrawals from Binance wallets to the listed entities will be rejected, while incoming deposits originati...