Binance suspended transfers to and from MEXC on Tuesday after the U.S. Treasury designated the exchange as a “major money laundering concern.” The action covers 12 MEXC-linked entities: withdrawals to their addresses will be rejected, while incoming deposits will be temporarily held for compliance review. The Treasury identified $16.7 billion in suspicious transactions between May 2021 and May 2026, including about $1 billion exchanged with more than 40 Iranian platforms and $1.5 billion connected to circumvention of Russian sanctions. MEXC says withdrawals remain available, acknowledges an increase in withdrawal volumes and has launched an independent review of its anti-money-laundering controls. However, the U.S. measure is not expected to take effect until early December at the earliest, following a 30-day waiting period.
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