MEXC Says User Assets Are Safe After US Treasury Order
MEXC says operations remain normal and user assets are secure. It has opened an independent review of anti-money-laundering and sanctions controls.
Key Notes
- MEXC says its platform is operating normally and user assets remain secure after the Treasury action.
- The exchange has begun an independent review of its anti-money-laundering and sanctions controls.
- FinCEN’s prohibition on covered US institutions transferring funds to or from MEXC takes effect 30 days after Federal Register publication.
MEXC says its platform is operating normally and user assets remain secure after the US Treasury ordered a cutoff of the exchange from the American financial system.
In an official statement, the company said its legal and compliance teams are closely reviewing the order issued by the Financial Crimes Enforcement Network, or FinCEN, on November 6. It also announced an independent review of its anti-money-laundering and sanctions controls.
MEXC Pledges Cooperation With Regulators
The company said it takes the concerns seriously and intends to engage constructively with FinCEN, other regulators and relevant authorities worldwide. It promised further updates through its official channels.
The statement did not identify who would conduct the independent review or provide a timetable for its findings. It also offered no detailed response to the transaction figures or counterparties cited by Treasury.
The US Order Targets Financial Transfers
The response follows the Treasury action covered in CoinScreamer’s earlier report on the MEXC transfer cutoff. Treasury said the exchange facilitated at least $16 billion in illicit transactions between May 2021 and May 2026, involving sanctions evasion linked to Iran, North Korea and Russia, along with cybercrime.
The underlying FinCEN order gives a more precise assessment of $16.7 billion in funds connected to Russian illicit finance and other illicit activities during that period. Those figures represent the agency’s findings supporting its action.
Treasury identified nearly $1.5 billion linked to Russian sanctions evasion and almost $200 million connected to A7A5, a stablecoin associated with the A7 payments network. It also cited about $1 billion in direct transfers involving more than 40 Iranian crypto exchangers. The department said some of those exchangers were sanctioned. Those assessments concern activity over the review period, rather than a measure of customer losses.
FinCEN issued the measure under section 9714 of the Combating Russian Money Laundering Act after finding MEXC Global to be a financial institution of primary money-laundering concern in connection with Russian illicit finance.
The published order prohibits covered US financial institutions from transmitting funds to or from MEXC Global. Its definition of funds expressly includes convertible virtual currency, so the restriction extends beyond conventional bank payments.
The order’s MEXC Global definition covers the exchange’s branches, subsidiaries and offices operating outside the United States, as well as successor entities.
The Restriction Has a Separate Start Date
The transfer prohibition takes effect 30 days after Federal Register publication. The November 6 announcement therefore does not itself start the ban immediately, and MEXC’s statement that it is operating normally does not change the order’s timetable.
The order has no stated expiration date. FinCEN reserves authority to grant exemptions or impose conditions on particular transfers, while existing Bank Secrecy Act reporting duties and OFAC sanctions obligations remain in place.
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