[Warning] MEXC

[OmegaStarScream]

FinCEN’s order, part of Operation Economic Outcast, bars U.S. institutions from any transfers to or from MEXC, which Treasury says facilitated $16 billion in illicit finance tied to Iran, North Korea and Russia.

MEXC has made a statement that funds remain secure and everything is operating normally[1]

It's still unclear to me as to what does this mean in terms of sending funds from MEXC to other non-US based platforms, but it's probably a good idea to avoid doing that.

It might also be a good idea to not use the exchange all together, just in case thigs goes south in the future.

[1] https://x.com/MEXC/status/2118856659619717218

[Wiwo]

P2P on MEXC US will be disabled.

But US citizens can still access MEXC and withdraw funds in other cryptocurrencies like Bitcoin without any problems.

This reminds me of when my country had issues with Binance, and since then, only p2p direct bank transactions have been paused; citizens still use Binance to trade and send other cryptocurrency assets.

[RGBTC]

It might also be a good idea to not use the exchange all together, just in case thigs goes south in the future.

[1] https://x.com/MEXC/status/2118856659619717218

I was reading the replies to that same tweet; it seems MEXC is now responding to the policy by launching an emergency internal investigation. There are already reports of withdrawal requests being blocked and deposits from other platforms (even those not on FinCEN’s blacklist) being frozen. Hahaa...

[hugeblack]

P2P on MEXC US will be disabled.

But US citizens can still access MEXC and withdraw funds in other cryptocurrencies like Bitcoin without any problems.

Any assets withdrawn from MEXC will likely be flagged as "high-risk," effectively forcing users to avoid them (even if they are not U.S. citizens).
Elliptic and Chainalysis rarely take long to act following decisions by institutions such as this.

[OmegaStarScream]

P2P on MEXC US will be disabled.

But US citizens can still access MEXC and withdraw funds in other cryptocurrencies like Bitcoin without any problems.

Any assets withdrawn from MEXC will likely be flagged as "high-risk," effectively forcing users to avoid them (even if they are not U.S. citizens).
Elliptic and Chainalysis rarely take long to act following decisions by institutions such as this.

I have already started seeing reports from multiple users (and different platforms):

https://x.com/zynqorw/status/2118900156099887419
https://x.com/sohan269/status/2118953973185155183

Although I'm not sure how credible they are.

As for Elliptic, the CEO of MEXC made a statement about it couple of hours ago:

-snip-
2. Meaningful Progress with KYT Service Providers
At the same time, we’ve been working closely with blockchain analytics providers.

Elliptic, one of the world’s leading KYT service providers, has confirmed that MEXC Global has returned to the “Exchange” category in its systems. At this stage, the previous special risk classification has been removed, and MEXC is classified according to its business activities.
-snip-

Which I would imagine should mean that exchanges using this provider will no longer be flaggin transactions coming from MEXC, not for now at least?

[salad daging]

I have already started seeing reports from multiple users (and different platforms):

https://x.com/zynqorw/status/2118900156099887419
https://x.com/sohan269/status/2118953973185155183

Although I'm not sure how credible they are.

Some reports of Gate, io, Binance, OKX have blacklisted deposits from the MEXC exchange, including users from Indonesia by depositing USDT from MEXC to the local Tokocrypto exchange in custody must fill out the forum first.
- https://x.com/miss_msmy/status/2119013569929060648
This becomes a red flag for MEXC users who have assets there.

[sunsilk]

Which I would imagine should mean that exchanges using this provider will no longer be flaggin transactions coming from MEXC, not for now at least?

Even if they say that, those with funds there should withdraw all of their assets while they can. We saw these things in the past on other exchanges when they've been in the hot seat and then followed by an unexpected halt of withdrawals.

But if these withdrawals will be completely under review again, mexc is trying to delay the outflows coming on them.

And those who will withdraw shouldn't withdraw it on other exchanges, much better do it on their personal wallets.

[stompix]

P2P on MEXC US will be disabled.

That's now how FinCEN's blacklist work!
Any institution and American company regulated by US laws must stop conducting transactions to and from MEXC.
Tehter and Circle will freeze all their USDT and USDC, in 30 days there will be nothing left there than useless shitcoins.

They are already exiting all of Europe and this will only accelerate with this, eveyone should get their money out of there before it's too late.

[sergiorus]

OKX founder Star Xu advised users to temporarily avoid transferring funds directly from MEXC to OKX. Following FinCEN's special measures against MEXC, OKX has proactively tightened its compliance controls, applying a level of caution similar to that used for financial sanctions. Funds originating from MEXC may be frozen pending review, and related accounts may face further investigation.

Source: https://x.com/star_okx/status/2119203186074599424



Some unconfirmed rumours claim even deposits from personal wallets that have interacted with MEXC are being temporarily frozen although I find that hard to believe.

However I personally have one of such wallets but currently refraining from trying it. Would be good if some users shared their experience.

[stompix]

I just love this
So, any follow-up from FINCEN will only happen after a 30-day grace period, so no penalty no actions against the ones that still do business with MEXC.

Meanwhile, it is exactly the crypto community and the rest of the exchanges that are dropping them like a hot potato, this whole thing shows are scared shit about anything like this happening to them too, probbaly they've seen that even Binance was immune to this and the obvious course of action is to cut ties with everything that could smell like prison.

https://x.com/HoppinsKarlz/status/2119017596796153998

@OKX @MEXC_Official
Our funds are not your property. Transparency is not optional. Release legitimate funds and treat your customers fairly!

Seems like he has found the hard way the not your keys, not your coins thing.
Next is learning how you can't do shit to an exchange that has no license and is not regulated in your country.

[NotATether]

P2P on MEXC US will be disabled.

But US citizens can still access MEXC and withdraw funds in other cryptocurrencies like Bitcoin without any problems.

This is a good way to get criminal charges on unsuspecting Americans.

There was no news fanfare with this SDN enforcement action, so I doubt many people will be aware of the sanctions.

[Bitcoin_Arena]

The weird thing about this trend is that they will come for one exchange after the other. Even those claiming to comply will finally get their turn all because the US hates Iranians from depositing and withdrawing in any of those exchanges
It's just a matter of time before it is discovered that they have been using OKX, Binance, Kucoin, and other remaining exchanges

The question is, how long are we going to keep looking on as exchanges keep getting put out of business?

[tabas]

Some unconfirmed rumours claim even deposits from personal wallets that have interacted with MEXC are being temporarily frozen although I find that hard to believe.

To some degree, they might have a way to determine deposits that came through those personal wallets and looking maybe for 2-3 transactions behind. But if this is an unconfirmed rumor, anyone who's got some withdrawals before from mexc better not do any transfers to okx.

However I personally have one of such wallets but currently refraining from trying it. Would be good if some users shared their experience.

I have no experience and barely used these two exchanges and you better not do it. Both are currently in a storm and users should avoid interacting with any of them unless they still have some pending withdrawals on mexc.

[Accardo]

This becomes a red flag for MEXC users who have assets there.

It's chaotic, traders will suffer losses, disputes will come up, merchants will be at risk receiving funds from mexc, sending usdt/usdc, is risky, from Mexc to a non-custodian wallet for big amounts. The issuer can freeze the funds.

[hugeblack]

Some reports of Gate, io, Binance, OKX have blacklisted deposits from the MEXC exchange, including users from Indonesia by depositing USDT from MEXC to the local Tokocrypto exchange in custody must fill out the forum first.

Gate.io might do this even before the authorities ask them to; as a cryptocurrency exchange that strictly requires mandatory KYC, such a move is not surprising.

I just love this
So, any follow-up from FINCEN will only happen after a 30-day grace period, so no penalty no actions against the ones that still do business with MEXC.

It is the easiest solution for them—they have a lot to fear.

[avp2306]

Some reports of Gate, io, Binance, OKX have blacklisted deposits from the MEXC exchange, including users from Indonesia by depositing USDT from MEXC to the local Tokocrypto exchange in custody must fill out the forum first.

Gate.io might do this even before the authorities ask them to; as a cryptocurrency exchange that strictly requires mandatory KYC, such a move is not surprising.

What I really think this is not about possible KYC, but rather their exposure on more bigger risk.

Usually big exchange would take action immediately, they don't wait for regulators to knock in their doors.

They take action because they afraid to lose their networks and they don't want that to happen, since this might cost a lot from them, than those tightening of policies happening in certain countries.

[salad daging]

The official announcement comes from Binance-deposits from MEXC and other related affiliates will be blocked, be careful for those of you who have just received source funds from MEXC it can be potentially a big risk because Binance has marked it.
- https://www.binance.com/en/support/announcement/detail/9ef6e347da924cdc90f53577ab483b1f

Check your address, has it ever interacted with MEXC? This tool may help you a little.
- https://mexcwalletchecker.vercel.app/
- https://x.com/enesonchain/status/2119015428684943849

[bitmover]

P2P on MEXC US will be disabled.

But US citizens can still access MEXC and withdraw funds in other cryptocurrencies like Bitcoin without any problems.

Any assets withdrawn from MEXC will likely be flagged as "high-risk," effectively forcing users to avoid them (even if they are not U.S. citizens).
Elliptic and Chainalysis rarely take long to act following decisions by institutions such as this.

Terrorists and authorities from  sanctioned countries  used an exchange illegally.
Solution: blacklist everyone who uses such exchange.

Wtf!

Regulations should also protect users who are doing nothing wrong

[bhadz]

The official announcement comes from Binance-deposits from MEXC and other related affiliates will be blocked, be careful for those of you who have just received source funds from MEXC it can be potentially a big risk because Binance has marked it.
- https://www.binance.com/en/support/announcement/detail/9ef6e347da924cdc90f53577ab483b1f

I was expecting this, next will be the other big exchanges that will also follow suit. This list literally put all of the mexc's/mxc's global affiliates and its subsidiaries for different countries including GIDA Technology AG

Check your address, has it ever interacted with MEXC? This tool may help you a little.
- https://mexcwalletchecker.vercel.app/
- https://x.com/enesonchain/status/2119015428684943849

So before the 30 day ruling of FinCen, anyone who's interacted beyond that will be safe(?) if ever they have an interaction, deposit/withdrawal from mexc?

[hugeblack]

The official announcement comes from Binance-deposits from MEXC and other related affiliates will be blocked, be careful for those of you who have just received source funds from MEXC it can be potentially a big risk because Binance has marked it.
- https://www.binance.com/en/support/announcement/detail/9ef6e347da924cdc90f53577ab483b1f

Check your address, has it ever interacted with MEXC? This tool may help you a little.
- https://mexcwalletchecker.vercel.app/
- https://x.com/enesonchain/status/2119015428684943849

I have read the text, and it is extremely strict: if you receive payments from MEXC, not only those payments will be frozen, but your account may also be closed, and your ability to withdraw other assets^{that not related to the MEXC transaction} could be restricted.

Any requests to send funds from a Binance aAccountwallet to any of the above entities will be declined. 

Any deposits received by Binance from any of the above entities will be temporarily withheld and subject to compliance review and users may potentially be subject to further restriction in accordance with Binance Terms of Use, including offboarding.  During the compliance review, restrictions may also be applied to the impacted account as such activity may also constitute a breach of Binance Terms of Use.