FinCEN issued an order barring U.S. financial institutions from transferring funds to or from MEXC Global, alleging the exchange processed more than $16 billion for entities in Iran, Russia and North Korea. OKX CEO Star Xu said the order allows a 30-day transition period, but OKX has already tightened its controls. He said funds linked to affected platforms may be frozen and accounts investigated; MEXC users reported deposit holds at OKX.
MEXC’s CEO said the exchange was operating smoothly despite increased withdrawals. He said MEXC was working with analytics firms to change the risk classification of its addresses and had begun an independent review of its anti-money-laundering and sanctions controls.
