Binance blocks MEXC-linked transfers after US money laundering action

Binance has barred transactions to and from MEXC Global, rejecting outgoing withdrawal requests and freezing incoming deposits for compliance review, BitPinas reported on 10 November 2026.

The restriction took effect immediately after US regulators designated Seychelles-based MEXC a primary money laundering concern, according to BitPinas, following allegations of illicit finance activity.

Binance said direct or indirect transfers involving MEXC, its affiliates or related entities would face further review, with affected funds and accounts potentially restricted temporarily.

In its statement published on X, Binance also warned that transactions involving those entities may breach its terms of use, beyond triggering individual transfer reviews.

The measure follows OKX founder Star Xu’s 7 November advisory urging customers to avoid direct transfers between MEXC and OKX because of automated compliance holds.

MEXC CEO Vugar Usi said on 7 November that withdrawals remained solvent, orderly and fully functional, despite more than USD120 million in tracked net outflows.

Usi also said MEXC had initiated an independent review of its compliance controls and planned to engage directly with US authorities following the enforcement announcement.

Because Binance covers indirect transfers and related entities, exposure checks must extend beyond a direct MEXC counterparty to the transaction paths used by customers and partners.