Binance said on Tuesday that it will no longer process transactions involving MEXC and its affiliates, making it the biggest exchange yet to publish a formal cutoff of its rival after the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) named MEXC a primary money laundering concern. The same day, FinCEN’s order was published in the Federal Register, which fixes its start date at Dec. 10, 2026. Binance is not waiting for that date.
What Binance changed
In a notice titled “Important: Transactions with Certain Crypto Platforms,” Binance said that following the FinCEN designation it “will no longer be in position to process transactions involving crypto-asset service providers/platforms included in the above designation.” The rules it set out are blunt:
- “Any requests to send funds from a Binance Account to any of the above entities will be declined.”
- Deposits from those entities “will be temporarily withheld and subject to compliance review,” and users “may potentially be subject to further restriction in accordance with Binance Terms of Use, including offboarding.”
- Restrictions may also be applied to the affected account during the review, because such activity may breach Binance’s terms.
Binance also told users not to “directly or indirectly” send to, receive from or transact with the listed entities through Binance. That word “indirectly” matters for anyone who routes MEXC transfers through a personal wallet first.
The exchange listed 13 names. Most match the affiliates named by FinCEN, including the Seychelles, Estonian, Swiss, UK and former Singapore entities. Binance also lists a MEXC (Comoros) Ltd and the former MEX Exchange name, which the order does not name. FinCEN’s list is not exhaustive, though: it says MEXC Global “includes, but is not limited to” those entities.
The order now has a date
When Treasury announced the action on Nov. 6, the order could not take effect until 30 days after it appeared in the Federal Register, and no date had been set. As AltcoinReporter reported on Saturday, the Register showed no entry for it at the time. That has now changed. The order was published on Nov. 10 as document 2026-22962, and it states: “This action is effective December 10, 2026.”
The operative line has not changed: “A covered financial institution is prohibited from engaging in any transmittal of funds from or to MEXC Global.” The order defines transmittals to include crypto, has no end date and reserves FinCEN’s right to grant exemptions. It alleges at least $16.7 billion in illicit transactions since May 2021, which Treasury’s release rounded to $16 billion. These are allegations, not court findings.
The order binds U.S. financial institutions as defined under the Bank Secrecy Act. Binance’s main platform does not serve U.S. customers, so its move is a compliance decision rather than an obligation spelled out in the order’s text. Binance has its own history here. In November 2023 it agreed to pay about $4.3 billion to settle U.S. charges that included Bank Secrecy Act and sanctions violations.
OKX moved first, and users have felt it
Binance is not alone. On Saturday, OKX founder Star Xu asked users to temporarily avoid sending funds directly from MEXC to OKX. In his statement, written in Chinese, he said OKX was treating FinCEN’s special measure with a standard similar to financial sanctions, that funds from the platform could be frozen for review, and that OKX had chosen to tighten controls ahead of the 30-day window rather than wait for the deadline. His post quoted a user whose small USDT deposits from MEXC were under risk review at OKX.
MEXC has kept the same line since last week: the platform is running and assets are safe. Chief executive Vugar Usi said on Tuesday: “We have established communication with FinCEN through the support of top-tier U.S. law firms. FinCEN confirmed receipt of our written request on Monday morning (U.S time). We are ready to fully cooperate.” He added that deposits, withdrawals and trading were “fully functioning.” MEXC’s own account said it was “engaging constructively with FinCEN.”
Onchain investigator ZachXBT questioned the pile-on. “Does it concern anyone else about how all of these other offshore CEXs with little to no US presence rush to immediately cut off MEXC users from transferring assets?” he wrote. He said “anyone can agree MEXC historically has had a quite relaxed AML / KYC policy,” but added that “the $16B illicit amount being alleged by FinCEN seems overstated to me so I’d like to see the data and comps.”
Why it matters for MEXC users
The FinCEN order does not freeze MEXC accounts, and MEXC says withdrawals work. The practical problem is where those withdrawals can land. If major offshore venues hold or reject MEXC-linked deposits, users trying to move funds out face compliance reviews, possible account restrictions and unclear timelines, weeks before the U.S. rule even applies.
MEXC’s MX token traded around $1.42 by midday UTC on Tuesday, about 9% below its level at the start of Nov. 6, according to CoinGecko. Bitcoin fell about 2% over the same stretch on Coinbase.
What to watch next: whether Bybit, Bitget, KuCoin and other large offshore exchanges publish formal notices like Binance’s, whether FinCEN grants any exemptions or conditions before Dec. 10, and whether MEXC’s contact with FinCEN produces anything public.
FAQ
Can Binance users still withdraw to MEXC?
No. Binance said any request to send funds from a Binance account to MEXC or its listed affiliates will be declined.
What happens to deposits from MEXC to Binance?
Binance said they will be temporarily withheld for compliance review, and the account may face restrictions, up to offboarding under its terms of use.
When does the FinCEN order take effect?
Dec. 10, 2026, according to the order published in the Federal Register on Nov. 10. It applies to U.S. financial institutions covered by the Bank Secrecy Act and has no end date.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
