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Regulation & Policy · 1 min read

Binance Blocks MEXC Transfers Ahead of US FinCEN Sanction Deadline

The exchange halts outbound transfers and screens deposits linked to 13 MEXC entities four weeks before a federal ban takes effect.

Editorial oversight: Julian Mercer, Chief Editor
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At a glance Enforcement action

What happened
Binance halted transfers to MEXC and put inbound funds under compliance review on Nov. 10 ahead of an upcoming US ban.
Why it matters
Major centralized exchanges are preemptively isolating MEXC liquidity following US illicit finance and sanctions allegations.
Who is affected
Binance and MEXC users transferring funds between the platforms, alongside covered US financial institutions.
Takes effect
2026-12-10
What's next
The formal US FinCEN transmittal ban on MEXC Global takes effect for domestic institutions on Dec. 10, 2026.
Primary source
unchainedcrypto.com: Binance Freezes Out MEXC Four Weeks Before U.S. Transfer Ban Applies

Key points

  • Binance blocked outbound transfers to 13 MEXC entities and placed inbound deposits under compliance reviews on Nov. 10.
  • The restrictions precede a Dec. 10 US FinCEN order severing MEXC Global over $16.7B in alleged illicit and sanctions-linked transactions.
  • MEXC CEO Vugar Usi stated operations remain normal, while competitor exchanges such as Coinbase and Kraken have not instituted transfer blocks.

Binance announced on Nov. 10 that it has stopped processing transactions to and from MEXC Global and its related corporate entities 1. The move halts outbound transfers immediately, while inbound deposits from flagged addresses will face compliance holds that could lead to account termination, according to Binance 1.

The restrictions come four weeks ahead of a Dec. 10 compliance deadline set by the US Treasury’s Financial Crimes Enforcement Network (FinCEN) 1. FinCEN published an order under Section 9714 of the Combating Russian Money Laundering Act on Nov. 10, cutting off MEXC from the US financial system without an expiration date 1. The regulator alleged MEXC Global processed $16.7 billion in funds connected to Russian sanctions evasion, cybercrime, and broader illicit finance between May 2021 and May 2026 1. The Treasury Department also alleged MEXC conducted roughly $1 billion in direct transactions with over 40 Iranian digital asset exchanges during that period 1.

Exchange Fallout and Counterparty Risk

Binance designated 13 entities under its internal restriction, including MEXC (Comoros) Ltd, an entity not specifically mentioned in FinCEN's formal order 1. Binance warned on social media that accounts interacting with these entities could be frozen for terms-of-service reviews 1. The exchange follows OKX, which warned users against direct transfers following the initial Nov. 6 announcement of the measure 1. Other major platforms, including Coinbase, Kraken, Bybit, and KuCoin, had not introduced formal transaction blocks as of Nov. 10 1.

MEXC CEO Vugar Usi said on social media that the exchange remains fully operational across trading, deposits, and withdrawals, and noted that FinCEN received MEXC's formal written submission 1. CoinGecko figures showed MEXC processed roughly 14,250 $BTC in 24-hour volume on Tuesday, compared to approximately 106,210 $BTC on Binance 1. MEXC also faced regulatory pressure in October, when South Korean authorities secured clearance to block access to MEXC alongside 26 other unlicensed trading portals 1.

Questions this story raises

When does the US FinCEN order against MEXC take effect?
The FinCEN order applies to covered US financial institutions starting Dec. 10, 2026, following its Federal Register publication.
Why did Binance restrict MEXC transactions early?
Binance halted outbound transfers and began reviewing inbound deposits to comply with risk measures following FinCEN's illicit finance findings against MEXC.

Sources

  1. [1] Binance Freezes Out MEXC Four Weeks Before U.S. Transfer Ban Applies — unchainedcrypto.com, November 10, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

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