Binance stops processing transfers involving MEXC after FinCEN action

Binance says it will reject all transfer requests to MEXC wallets and will delay deposits arriving from the exchange for compliance checks against legal requirements and its own internal rules. For high-risk PSPs, the important part is straightforward: this is not just a trading venue issue, it is a payment-flow restriction that can affect deposit chains, account access, and settlement handling.

1. According to Binance’s notice, any request to transfer funds to MEXC wallets will be rejected. Deposits coming from MEXC will be held for review to check compliance with applicable law and Binance’s internal policies.
2. During the review, Binance reserved the right to restrict access to user account functions. In some cases, it said, it may completely terminate service for the customer.
3. The restriction applies not only to MEXC Global, but also to related entities, including MEXC Estonia OÜ and MEXC Singapore Pte, among others. Binance told clients to avoid both direct and indirect transfers involving these organizations.
4. The move follows an order from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), which directed MEXC to be cut off from the U.S. financial system. FinCEN said the platform handled at least $16 billion in transactions linked to sanctions evasion and money laundering.