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OKX freezes deposits from MEXC after FinCEN cuts exchange off from US system

OKX has restricted direct transfers from MEXC and frozen some user funds after FinCEN accused MEXC of processing more than $16bn for sanctioned actors in Iran, Russia and North Korea.

Why it matters: FinCEN's action against a top-20 exchange is spilling over into other platforms, leaving ordinary users exposed to frozen funds when moving assets between exchanges.

InvestIn.News NewsDesk · 1 min read
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Picture from Bitcoin.com News for: OKX freezes deposits from MEXC after FinCEN cuts exchange off from US system
Image: Bitcoin.com News
Original reporting: Sergio Goschenko, Bitcoin.com News

Key points

  • FinCEN cut MEXC off from the US financial system over alleged processing of more than $16bn for sanctioned entities in Iran, Russia and North Korea.
  • OKX CEO Star Xu said the exchange treats FinCEN special measures like sanctions and has already tightened controls ahead of a 30-day transition period.
  • MEXC CEO Vugar Usi said operations are running smoothly and the exchange is working with Elliptic to restore its addresses to the "exchange" category.

OKX has begun freezing deposits tied to MEXC after FinCEN cut MEXC off from the US financial system, Bitcoin.com News reports.

FinCEN labelled MEXC a hub for sanctioned actors, accusing it of processing over $16bn for entities in Iran, Russia and North Korea. The order bars US financial institutions from transmitting funds to or from MEXC Global and carries a 30-day transition period.

OKX founder and CEO Star Xu said the exchange had already strengthened its controls rather than waiting for the deadline. He said OKX treats FinCEN special measures with caution similar to sanctions, so funds linked to affected platforms may be frozen and related accounts may face further investigation. He urged users not to transfer funds directly from MEXC.

MEXC CEO Vugar Usi said operations continue to run smoothly despite higher withdrawal volumes. Some users remain concerned that any past interaction with MEXC addresses could put their funds at risk.

What to watch: MEXC says it intends to engage constructively with FinCEN and has begun an independent review of its AML and sanctions controls.

Read the full story on Bitcoin.com News

Live updates on NewsFeeds:MacroDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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