Binance Halts Transfers With MEXC: Important Warning for Users

The affected organizations include MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, MXC Global Ltd, MEXC Global Foundation Ltd, and MEXC Singapore Pte Ltd. Binance clarified that other companies and subsidiaries associated with MEXC are also covered by the restrictions.

Under the new measures, users must not send funds directly or indirectly from their Binance accounts to these entities. The exchange confirmed that transfer requests involving the listed organizations would be rejected.

A different procedure will apply to deposits arriving at Binance from MEXC-related addresses. Incoming funds will be temporarily held and subjected to compliance reviews. During these investigations, additional restrictions may be imposed on the relevant Binance accounts. The company also warned that it could terminate its business relationship with users if it determines that its terms of service have been violated.

Consequently, the decision could affect not only direct transfers between the two platforms but also indirect transactions involving MEXC-affiliated organizations.

U.S. Authorities Examined $16 Billion in MEXC-Related Transactions

Binance's decision follows regulatory action announced by FinCEN on November 6, 2026. The agency introduced a special measure designed to restrict MEXC Global's access to the U.S. financial system.

According to the U.S. Treasury Department's announcement, MEXC Global facilitated at least $16 billion in fund movements associated with sanctions evasion, cybercrime, and other illicit activities between May 2021 and May 2026. This figure is based on findings and assessments presented by U.S. authorities.

FinCEN specifically highlighted transactions linked to Russia, Iran, and North Korea. According to the agency's assessment, deficiencies in MEXC's anti-money laundering controls allegedly enabled transactions involving sanctioned individuals and organizations.

The measure announced by U.S. authorities prohibits American financial institutions from processing certain fund transfers involving MEXC Global. FinCEN's decision is scheduled to take effect 30 days after its publication in the Federal Register. Binance's restrictions announced on November 10 represent a separate compliance measure implemented by the exchange itself.

MEXC management had previously maintained that the platform remained operational and that customer assets were secure. According to The Block, MEXC CEO Vugar Usi stated that deposits and withdrawals were continuing while emphasizing that the company took FinCEN's concerns seriously.

How Will Users' Fund Transfers Be Affected?

Binance's decision directly affects users who maintain accounts on MEXC or regularly transfer funds between the two exchanges.

A significant risk has emerged particularly for users transferring cryptocurrencies from MEXC to Binance. Binance does not guarantee that funds originating from the affected entities will automatically be credited to users' accounts. Instead, the exchange has indicated that such transactions will undergo compliance reviews.

These reviews could temporarily restrict users' access to deposited assets. Their accounts may also be affected during the investigation process.

However, Binance's announcement does not mean that all withdrawals from MEXC have been suspended globally. The announced restrictions specifically concern transactions conducted through Binance involving the entities identified in its notice.

Users should review the latest announcements from the relevant exchanges before initiating transfers and avoid transactions that could become subject to compliance investigations.

Kriptofoni Assessment

Binance's decision to suspend transfers involving MEXC highlights how regulatory risks have become an increasingly important factor in financial relationships between cryptocurrency exchanges.

One particularly noteworthy aspect of the development is that a regulatory decision taken in the United States can also affect fund movements between platforms operating in other countries. International exchanges must consider not only their obligations in jurisdictions where they directly operate but also compliance risks arising from their connections to the global financial system.

For users, the central issue is the distinction between a cryptocurrency transfer being technically possible and that transfer being accepted by an exchange. A transaction completed on a blockchain may not become available as a usable account balance if the receiving platform subjects it to a compliance review.

It remains uncertain how the regulatory proceedings involving MEXC will develop and whether other major exchanges will introduce similar restrictions. Nevertheless, Binance's decision demonstrates why counterparty risk should also be considered when transferring funds between centralized cryptocurrency exchanges.