Binance Halts Transfers Tied to MEXC After FinCEN Money-Laundering Designation
Summary
- Binance said it will halt processing fund transfers linked to MEXC and related entities.
- It said it is restricting related fund movements after FinCEN, a bureau of the U.S. Treasury Department, designated MEXC as a primary money-laundering concern.
- Binance said deposits from MEXC-related entities into the exchange will undergo a regulatory compliance review, and it may take additional steps based on the result, including terminating services for affected users.
Forecast Trend Report by Period
Binance will stop processing fund transfers linked to cryptocurrency exchange MEXC and related entities.
Crypto-focused media outlet BlockBeats reported on November 10 that Binance said in an official notice it would restrict related fund movements after the Financial Crimes Enforcement Network, a bureau of the U.S. Treasury Department, designated MEXC as a primary money-laundering concern.
Requests to send funds from Binance wallets to MEXC and related entities named in the notice will be rejected.
Deposits from those entities into Binance will be temporarily placed on hold and subjected to a regulatory compliance review. Access to related accounts may be restricted during the review period.
Binance said it may take additional measures under its terms of service based on the outcome of the review. In some cases, that could include terminating services for affected users.
