Binance rejects transfers to MEXC before the US Treasury ban takes effect

Binance will reject withdrawals to MEXC and hold deposits from it for compliance review, the exchange said on November 10, 2026, four days after the US Treasury alleged MEXC facilitated at least $16 billion in illicit transactions.

Under the new measures, Binance will reject outgoing transfers involving the named entities and temporarily withhold incoming deposits for compliance reviews. The restrictions also introduce potential account limitations for users whose transactions are connected to the affected platforms.

The development represents another significant challenge for MEXC as regulators increase scrutiny of cryptocurrency platforms suspected of facilitating illicit financial activities and sanctions evasion.

Binance introduces immediate restrictions on MEXC-related transactions

In an official announcement published on November 10, Binance informed customers that it would no longer process transactions involving a list of cryptocurrency service providers and platforms associated with MEXC.

The exchange instructed users not to send funds to, receive funds from, or otherwise participate in transactions involving the identified entities through its platform, whether directly or indirectly.

The restrictions cover several organizations, including MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, MXC Global Ltd, MEXC Global Foundation Ltd, MEXC Singapore Pte Ltd and MEXC (Comoros) Ltd. Other listed names include MEXC Global, MEX Global Ltd, MX Global LTD and the former entity MEX Exchange, alongside other affiliates.

Binance outlined specific consequences for transactions involving these organizations.

Withdrawal requests from Binance accounts to the affected entities will be rejected. Meanwhile, deposits originating from those platforms will be temporarily withheld while the exchange conducts compliance checks.

Binance also warned that accounts connected to such activity could face additional restrictions during the review process. Depending on the circumstances, affected customers could lose access to certain services or face offboarding under the exchange’s Terms of Use.

The announcement does not amount to a general suspension of all trading services on MEXC. Instead, it specifically targets transactions involving the identified entities through Binance.

FinCEN’s $16 billion allegations trigger wider regulatory pressure

Binance’s decision follows an enforcement announcement issued by FinCEN on November 6 under an initiative known as Operation Economic Outcast.

According to the US Treasury Department, investigators identified MEXC Global as a cryptocurrency exchange that allegedly facilitated at least $16 billion in illicit transactions between May 2021 and May 2026.

The agency linked the reported financial activity to sanctions evasion involving Iran, North Korea and Russia, as well as cybercrime and transactions involving sanctioned individuals and entities.

FinCEN said the exchange’s anti-money laundering controls had significant deficiencies that allowed prohibited actors to use its services despite restrictions against customers from certain jurisdictions.

US Treasury Secretary Scott Bessent addressed the broader enforcement effort in a statement accompanying the announcement.

“Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system,” Bessent said.

He added that the Treasury Department would continue targeting financial networks allegedly supporting sanctions evasion through digital assets.

The action seeks to restrict the exchange’s access to the US financial system by prohibiting covered financial institutions from processing certain fund transfers involving MEXC Global.

Importantly, the federal order’s effective date is subject to its publication in the Federal Register, with the notice providing for implementation 30 days after publication.

MEXC users face new compliance challenges as exchanges tighten controls

The latest development could create additional complications for cryptocurrency traders who regularly move digital assets between exchanges.

Customers using Binance as an intermediary for deposits or withdrawals involving MEXC-linked entities will need to reconsider their transfer arrangements. Transactions that previously passed through the platform may now be rejected or held for further examination.

The potential consequences extend beyond delayed transfers. Binance has indicated that accounts associated with affected transactions could face restrictions while compliance investigations continue.

For users, this creates uncertainty around the movement of funds, particularly where deposits originate from entities included in the exchange’s announcement.

The situation also highlights the growing importance of transaction monitoring, customer verification and anti-money laundering compliance across the digital asset industry.

Cryptocurrency exchanges increasingly face pressure to demonstrate that their platforms are not being used to move funds connected to sanctioned entities, cybercriminal operations or other prohibited financial activities.

Although Binance’s announcement does not establish that every MEXC customer has participated in wrongdoing, it introduces additional scrutiny for transactions involving the named organizations.

The restrictions could also encourage other cryptocurrency service providers to reassess their exposure to the exchange as the regulatory process develops.

Binance’s move signals growing compliance pressure across crypto

The latest action against MEXC underscores how regulatory enforcement in one jurisdiction can influence the operational decisions of major cryptocurrency platforms worldwide.

Although FinCEN’s order specifically addresses certain transfers involving MEXC Global and covered financial institutions, Binance has independently introduced restrictions across transactions involving the entities identified in its announcement.

For the cryptocurrency industry, the development reinforces the need for stronger compliance infrastructure as regulators intensify efforts to prevent digital assets from facilitating illicit financial flows.

The immediate concern for affected traders is whether their transactions will be delayed, rejected or subjected to additional account reviews. Binance has not announced a specific timeline for completing those reviews.

As the US regulatory process progresses, the situation surrounding MEXC could become an important test of how international cryptocurrency exchanges respond to enforcement actions targeting their industry counterparts.