MEXC CEO Responds to U.S. Regulatory Concerns: Seeking Constructive Engagement and Has Initiated Related Review

On November 7, Vugar Usi, CEO of MEXC, issued a new statement addressing recent market attention triggered by an order from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN): deposit and withdrawal functions on the platform remain fully operational; although withdrawal volumes have increased, the overall process remains stable and orderly, and user assets are secure. Following ongoing, close coordination with compliance analytics provider Elliptic, MEXC Global has been reclassified in Elliptic’s system as a standard “exchange,” and the prior special risk label has been removed. MEXC emphasized that it takes FinCEN’s concerns seriously, is actively pursuing constructive dialogue, and has launched an independent review of its anti-money laundering (AML) and sanctions compliance controls. The platform fully respects users’ right to withdraw funds independently and will continue providing public updates on developments.

Previously, FinCEN ordered the severing of MEXC’s access to the U.S. financial system, prohibiting U.S. financial institutions from processing any fund transfers involving MEXC. FinCEN alleged that between May 2021 and May 2026, MEXC processed at least $16 billion in transactions linked to sanctions evasion, cybercrime, and other illicit activities—including transactions tied to entities associated with Iran, North Korea, and Russia.