Binance Blocks All Transfers to and From MEXC After US Money-Laundering Ruling

Binance has stopped processing transfers linked to rival exchange MEXC. Withdrawals from Binance to MEXC will be rejected, and deposits arriving from MEXC will be held while Binance reviews them.

The move follows a decision by FinCEN, the US Treasury's financial crime unit, on November 6, 2026. FinCEN named MEXC a "primary money laundering concern" and cut it off from the US financial system.

Why it matters

If you keep funds on MEXC, moving them to Binance just got harder. A deposit from MEXC may sit frozen for days while it is checked, and Binance says accounts tied to such transfers may face further limits — up to being closed.

The block covers MEXC Global and more than a dozen related companies, including MEXC Estonia, MEXC Singapore and GIDA Technology AG.

What FinCEN found

According to FinCEN, between May 2021 and May 2026 MEXC handled at least $16 billion in transactions linked to sanctions evasion and cybercrime. That includes activity tied to Iran, North Korea and Russia. Nearly $1.5 billion was linked to getting around Russian sanctions, the agency says.

MEXC was not fined. Instead, US banks are now barred from working with it. In practice, that leaves the exchange without access to dollars through the American banking system.

MEXC is the latest in a long list. FinCEN has already collected about $5.4 billion in fines from big crypto exchanges, including Binance itself ($4.3 billion), OKX and KuCoin.

Russian users are being closed out too

Separately, MEXC has started emailing Russian users that their accounts will be closed for good. The exchange said in October that it would stop serving Russia. Bitget and KuCoin announced similar exits at about the same time.