Cryptocurrency exchange MEXC Global has initiated legal discussions with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) regarding serious allegations of facilitating over $16 billion in illicit transactions.
MEXC CEO Vugar Usi confirmed that the exchange continues to operate normally while engaging with federal regulators, indicating a proactive approach to addressing the claims.
Formal Communication with FinCEN
FinCEN confirmed receipt of our written request on Monday morning. We are ready to fully cooperate.
Vugar Usi, CEO of MEXC Global
The exchange retained leading U.S. law firms to assist in its communications with FinCEN. Usi noted that MEXC is committed to transparency and will keep stakeholders updated throughout the process.
Skepticism from Blockchain Investigator
The dialogue comes amid scrutiny from ZachXBT, an independent blockchain researcher who questioned the rationale behind other exchanges severing ties with MEXC. He expressed concerns regarding the potential overreach of the government in light of the claims.
Who is actually being protected by it? What % of MEXC’s total volume was illicit?
ZachXBT, Blockchain Investigator
On November 10, Binance restricted transactions involving MEXC, while OKX warned customers against transferring funds between the platforms, reflecting the growing caution in the crypto space.
Regulatory Context
FinCEN's order on November 6 designated MEXC as a primary money laundering concern under the Combating Russian Money Laundering Act. This regulation alleges the exchange's involvement in transactions linked to sanctions evasion and ransomware activities from May 2021 to May 2026.
This order will eventually restrict U.S. financial institutions from processing transactions involving MEXC, although it does not freeze customer assets.