Binance Halts Transfers Tied to MEXC After US FinCEN Flags Exchange as Primary Money-Laundering Concern

Summary

• Binance said it will halt fund transfers linked to MEXC and related entities.
• It said it is restricting related fund movements after the US Treasury Department's FinCEN designated MEXC as a primary money-laundering concern.
• Binance said deposits from MEXC-linked entities into the exchange will undergo a compliance review, and that it may take additional steps, including ending services, depending on the outcome.

Forecast Trend Report by Period

Binance will stop processing fund transfers linked to cryptocurrency exchange MEXC and related entities.

Crypto outlet BlockBeats reported on November 10 that Binance, in an official notice, said it was restricting related fund movements after the US Treasury Department's Financial Crimes Enforcement Network, or FinCEN, designated MEXC as a primary money-laundering concern.

Requests to send funds from Binance wallets to MEXC and the related entities listed in the notice will be rejected.

Deposits from those entities into Binance will be temporarily placed on hold and undergo a regulatory compliance review. Access to the relevant accounts may be restricted during the review period.

Binance said it may take additional action under its terms of service based on the outcome of the review, including, in some cases, ending services for affected users.

Minseung Kang