Binance and OKX users report frozen MEXC deposits after FinCEN order

What happened

Some users of Binance, OKX and Gate have said in recent days that deposits sent from MEXC were held, delayed or sent for additional compliance checks, according to reports from Wu Blockchain, Blockonomi and Bitcoin.com News. The accounts describe pending credits and verification requests, with some transfers waiting on refund decisions. None of the named receiving exchanges has announced a platform-wide block on all MEXC transfers, and the reports do not establish how many customers are affected.

The complaints followed a special measure order from FinCEN, part of the U.S. Treasury, against MEXC Global. FinCEN has described MEXC as a hub for sanctioned actors and said the exchange processed more than $16 billion in illicit financial activity tied to Iran, Russia and North Korea. The order bars covered U.S. financial institutions from processing transfers involving MEXC, including crypto transactions. Blockonomi reported that the measure takes effect 30 days after publication in the Federal Register and was not yet operative at the time of its report.

OKX CEO Star Xu addressed the issue publicly, saying the FinCEN order directly restricts U.S. financial institutions rather than OKX itself, but that OKX had chosen to act before the 30-day transition ended. He said the exchange treats FinCEN special measures with caution similar to sanctions. Under that approach, funds associated with affected platforms may be frozen and related accounts may face further investigation. He advised users not to move funds directly from MEXC.

MEXC CEO Vugar Usi said the exchange was operating normally despite higher withdrawal volumes. He said MEXC takes the FinCEN concerns seriously, has begun an independent review of its AML and sanctions controls and intends to engage with the regulator. The company is also working with analytics providers including Elliptic to remove a special risk classification from its addresses and restore them to an exchange category. Separately, Wu Blockchain reported that Bitget Wallet had restricted card top-ups from funds identified as coming from MEXC, a narrower step than a full wallet restriction.

Why it matters

The episode shows how a U.S. action against one exchange can affect customers of other platforms even before formal restrictions take effect. Users who move their own assets between centralized exchanges may encounter screening, documentation requests or holds because the sending address is linked to a designated platform. That can leave depositors without clear timelines and can extend compliance risk to people who are not accused of wrongdoing. The reports also indicate that exchanges are choosing different levels of caution, creating an uneven experience for MEXC users.

What the data shows

According to the reports, FinCEN's order cites more than $16 billion in alleged illicit activity from May 2021 to May 2026; about $1 billion in direct transfers between MEXC and more than 40 Iranian exchanges; and about $22 million tied to Iran's central bank and the Islamic Revolutionary Guard Corps. Before the designation, MEXC saw AI asset spot volume rise 88% and tokenized U.S. stock spot volume rise 81% in September, Bitcoin.com News reported. The 30-day transition period and the absence of a confirmed exchange-wide suspension mean the practical scope of the deposit problems remains uncertain.

Background

FinCEN issued the order under Section 9714 of the Combating Russian Money Laundering Act. According to Blockonomi, Treasury alleged that MEXC facilitated at least $16 billion in illicit transactions between May 2021 and May 2026 and linked the activity to sanctions evasion involving Iran, North Korea and Russia, as well as cybercrime. Treasury also said about $1 billion moved directly between MEXC and more than 40 Iranian crypto exchanges, and identified roughly $22 million in transactions involving Iran's sanctioned central bank and the Islamic Revolutionary Guard Corps. Separately, Treasury sanctioned eight Canadian financial businesses over alleged sanctions evasion and transactions connected to restricted entities. MEXC has said customer assets are secure and that it is reviewing the order with legal and compliance teams.

What is still unclear

It is not known how many users have been affected, which receiving platforms applied holds as policy rather than individual review, or when pending reviews will end. Users have also asked whether any past interaction with MEXC addresses could trigger future restrictions; the reports do not provide a clear answer. Binance, OKX and Gate have not confirmed blanket restrictions on MEXC-linked transfers, and the reports rely partly on social media complaints.

What to watch

Attention now turns to publication of the FinCEN order in the Federal Register and the start of the 30-day clock. Also relevant will be whether Binance, OKX or Gate formalize screening rules, whether MEXC's work with Elliptic changes how its addresses are classified, and how FinCEN responds to MEXC's promised engagement and independent review. Bitget Wallet's card top-up policy may also indicate whether other adjacent services tighten controls.

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