MEXC Gets the Boot: Binance Cuts Off a $16B Money-Laundering Playground 🚫

Binance halted transactions involving MEXC on Tuesday, November 10, 2026, after the U.S. Treasury Department designated the exchange a primary money laundering concern and moved to sever it from the American financial system. Binance said: “Effective immediately, users should not send funds to, receive funds from, or otherwise transact through Binance involving MEXC, MEXC Global, MEXC affiliates or related entities.”

Requests to send funds from a Binance account to MEXC will be declined under a Binance announcement covering 13 entities, including MEXC Global Limited, MEXC Estonia OÜ and MEXC Singapore Pte Ltd. Deposits received from those entities will be temporarily withheld for compliance review, with further restrictions possible, including offboarding users from Binance.

FinCEN named MEXC a Primary Money Laundering Concern last Friday, alleging the exchange processed at least $16 billion in suspicious transactions between May 2021 and May 2026. The order, issued under the Combating Russian Money Laundering Act as part of the broader Operation Economic Outcast, bars U.S. financial institutions from processing fund transfers involving MEXC and alleges nearly $1.5 billion in direct and indirect exposure to Russian sanctions evasion. Treasury also accused MEXC of facilitating at least $16 billion in illicit transactions tied to Iran, North Korea and Russia, describing its anti-money laundering controls as severely deficient. The order takes effect 30 days after publication in the Federal Register.

MEXC ranks ninth among spot exchanges on CoinMarketCap, which scores platforms on traffic, liquidity and trading volume, with about $812.5 million in spot volume over the past 24 hours. Binance ranks first with about $6.4 billion. OKX has also warned users against transferring funds to MEXC, Finance Magnates reported. Separately, North Korea’s hackers have reportedly used internet-favorite joke tokens to launder part of the record $6.4 billion stolen from Binance.