Binance Halts Transfers Involving MEXC After FinCEN Order

Binance has stopped processing transfers involving cryptocurrency exchange MEXC and related entities, rejecting outgoing payments and temporarily holding incoming funds for compliance reviews. The restrictions, announced November 10, follow a U.S. Treasury designation of MEXC as a primary money laundering concern. Binance said affected users could face account restrictions or termination of service.

Under Binance’s notice, users should not send funds to, receive funds from or otherwise transact through Binance involving MEXC, MEXC Global and listed affiliates. Transfers from Binance to covered entities will be declined. Deposits from them will be withheld temporarily while Binance reviews them, and the exchange said further measures may follow depending on the review.

The notice identifies MEXC-related companies and other associated entities. Binance has not provided a separate timetable for completing the reviews or releasing deposits being held. Its restrictions are distinct from the federal order, which applies to covered U.S. financial institutions after it takes effect.

The Financial Crimes Enforcement Network, or FinCEN, designated MEXC a primary money laundering concern in...