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11/09/2026

MEXC Faces Financial Cutoff as Treasury Cites $16B in Alleged Illicit Flows

What happened: The US Treasury's Financial Crimes Enforcement Network announced action cutting MEXC Global off from the US financial system, alleging the exchange processed $16 billion in illicit tran

MEXC Faces Financial Cutoff as Treasury Cites $16B in Alleged Illicit Flows

What happened: The US Treasury's Financial Crimes Enforcement Network announced action cutting MEXC Global off from the US financial system, alleging the exchange processed $16 billion in illicit transactions between May 2021 and May 2026, including approximately $1.5 billion associated with Russian sanctions evasion and $1.99 billion tied to cyber actors. MEXC disputes the figures; the action was published on November 6 and takes effect 30 days after Federal Register publication. Separately, Binance France announced that French user accounts will close on December 31, with monthly maintenance fees of 0.025%, subject to a 10 USDC minimum, beginning November 29 for remaining balances.

Why it matters: The alleged $16 billion represents transactional flows across the stated period, so treating it as customer losses would misrepresent the accusation and obscure the actual issue of financial-system access. Binance France's departure has a different basis—a MiCA licensing consequence—which means users face operational deadlines without the same enforcement allegation attaching to that closure. Together, the developments make jurisdiction and licensing practical considerations for exchange customers, while leaving MEXC's disputed transaction estimates dependent on the supporting evidence.

Sources: Cointelegraph; crypto.news.