Binance has restricted cryptocurrency transfers involving MEXC Global after US regulators linked the exchange to $16 billion in alleged illicit transactions.
Binance announced the restrictions on November 10, warning customers against sending or receiving funds through MEXC and its affiliated entities.
Binance will reject withdrawals from customer wallets to the listed MEXC entities. However, the exchange will hold incoming deposits from the same entities while its compliance team examines their origins.
Customers who receive flagged deposits could face account restrictions during the investigation. Binance may also impose additional limitations or terminate affected customers’ access under its terms of use.
Binance specifically named MEXC Global Limited, MEXC Estonia OĂś, GIDA Technology AG and MXC Global Ltd among the affected entities. The restrictions also cover MEXC Global Foundation Ltd, MEXC Singapore Pte Ltd and MEXC (Comoros) Ltd.
Binance has not announced when its compliance team expects to complete the deposit reviews. Consequently, affected customers have no confirmed date for recovering deposits that remain under investigation.
Binance: US Regulators Accuse MEXC of Handling $16 Billion in Illicit Funds
Binance introduced the restrictions three days after the Financial Crimes Enforcement Network (FinCEN) issued an order targeting MEXC on November 6.
FinCEN identified MEXC as a primary money laundering concern over its alleged role in processing illicit financial transactions. The agency alleged that MEXC processed at least $16 billion in transactions linked to illicit activity between May 2021 and May 2026.
The transactions allegedly involved financial networks connected to Russia, Iran, and North Korea. FinCEN also said MEXC failed to maintain adequate anti-money laundering controls despite its public claims about restricting customers from sanctioned jurisdictions.
US authorities identified approximately $1 billion in direct transfers between MEXC and more than 40 Iranian cryptocurrency exchanges. Several of those exchanges are already facing US sanctions.
FinCEN also identified $22 million in alleged transactions involving Iran’s central bank and the Islamic Revolutionary Guard Corps, including its Qods Force.
The US Treasury Department reported that MEXC handled more than $1 billion in daily transactions. The department also estimated MEXC’s reserves at approximately $5 billion in September 2026.
FinCEN invoked Section 9714 of the Combating Russian Money Laundering Act to restrict MEXC’s access to the US financial system. Once the order takes effect, covered US financial institutions must stop processing transfers to or from MEXC. FinCEN set the implementation deadline at 30 days after the order’s publication in the Federal Register.
OKX Warns Users as MEXC Responds to Allegations
Binance is not the only exchange responding to the regulatory action. OKX CEO Star Xu also advised customers against transferring cryptocurrency directly from MEXC after FinCEN announced its action. Xu warned that exchanges could freeze deposits originating from MEXC and subject affected customers to additional compliance checks.
Meanwhile, MEXC rejected concerns about its operations and said its trading services remained available. The exchange also maintained that customer assets remained secure.
MEXC said its legal and compliance teams were examining FinCEN’s allegations. The exchange also launched an independent review of its anti-money laundering and sanctions controls.
