Binance Halts Transfers With MEXC and Affiliated Firms Over Money Laundering Concerns

Binance, the largest crypto exchange by trading volume, has moved to block all transfers connected to MEXC and its affiliated companies. The announcement came on Tuesday, November 10, and took effect immediately. Binance also said it had ended all trading services linked to MEXC, citing fresh doubts about the platform's legitimacy.

The step followed a U.S. Treasury action that cut MEXC off from the American financial system. In that order, issued on November 6, the Treasury accused the exchange of enabling at least $16 billion in illicit activity linked to sanctions evasion and cybercrime, and of defrauding customers. Binance framed its own restrictions as a response to that action.

Scope of the restrictions

Under the new rules, Binance customers may not send funds to, receive funds from, or carry out transactions with MEXC or its related entities, whether directly or through intermediaries. The affiliated firms named in the announcement include MEXC Global Limited, MEXC Estonia OU, MEXC Singapore Pte Ltd, MEXC Global Foundation Ltd and GIDA Technology AG, along with other companies operating under the MEXC brand.

MEXC ranks among the top 20 crypto exchanges globally, which makes the cutoff notable. Binance described itself as the first major exchange to act under the Treasury's rule, and noted that other platforms appear likely to follow with similar measures.

Market context

No market data was available for the coins involved at the time of writing, so price effects cannot be reported.