On November 10, 2026, MEXC CEO Vugar Usi confirmed that the cryptocurrency exchange had established direct communication with the US Financial Crimes Enforcement Network (FinCEN).
Usi said the exchange hired leading US law firms to help establish contact with the regulator. According to him, FinCEN confirmed receipt of MEXC’s written request on Monday morning.
A quick update from us.
We have established communication with FinCEN through the support of top-tier U.S. law firms. FinCEN confirmed receipt of our written request on Monday morning (U.S time). We are ready to fully cooperate.
The platform continues to operate normally. Deposits, withdrawals and trading are fully functioning. I’d like to thank the MEXC community for the tremendous amount of support shown these past few days.
We have a clear plan and a lot of work ahead. We’ll keep you informed as we make progress.
— Vugar Usi (@usithetalk) November 10, 2026
The move follows “Operation Economic Outcast,” a major regulatory action in which FinCEN ordered US financial institutions to block all fund transfers involving MEXC. The regulator alleges that the exchange facilitated at least $16 billion in illicit transactions between May 2021 and May 2026. These transactions reportedly included significant volumes linked to sanctioned entities in Russia, Iran, and North Korea.
The restriction will take effect 30 days after its publication in the Federal Register. However, MEXC maintains that its services, including deposits, withdrawals, and trading, are operating normally.
Read also: MEXC Reports 267% Bitcoin Reserve Coverage as Exchanges Double Down on Transparency
MEXC assures users as compliance concerns grow
MEXC’s public response appears aimed at reassuring users and demonstrating its willingness to cooperate with US regulators. Usi said the exchange is prepared to work fully with regulators and has already started an independent internal review of its anti-money laundering (AML) and sanctions compliance controls.
Some members of the crypto community have welcomed the development. A software engineer on X, @Rigel, described the update as reassuring, arguing that establishing direct communication with FinCEN shows MEXC is serious about cooperating with regulators and addressing the allegations.
@usithetalk That update is reassuring. Clear communication with FinCEN shows a serious commitment to cooperating fully.
— Rigel (@Rigelcrypt) November 10, 2026
However, experienced cryptocurrency traders remain skeptical of the exchange’s assurances during such a serious regulatory situation. Alphax_DEX ambassador on X, @Zorven, argued that claims about a platform operating normally are common among exchanges facing regulatory crises, even shortly before major disruptions or collapses, and that this doesn’t sound right.
Zorven also noted that contacting FinCEN is a standard step in responding to regulatory action. According to him, the more important question is what specific concessions or grace periods MEXC requested in its official written submission.
@Cointelegraph “Platform continues to operate as normal” is the line every exchange uses right up until it doesn’t.
Contact with FinCEN is fine. What matters is what the written request actually asked for.
— Zorven (@Zorvenss) November 10, 2026
Other exchanges are cautious of withdrawals from MEXC
Although MEXC says its withdrawal services remain operational, broader issues in the financial and cryptocurrency ecosystem could create additional problems for its users.
FinCEN’s order targets the exchange’s access to the traditional banking system. However, the effects could extend beyond banking restrictions as other cryptocurrency platforms and payment providers become increasingly cautious about transactions involving MEXC.
On X, Zenyu highlighted the potential impact on retail users, arguing that the main concern is no longer whether MEXC can process withdrawals internally. Instead, users could face difficulties transferring withdrawn funds to other exchanges and payment platforms. According to Zenyu, several major cryptocurrency exchanges and payment providers are already refusing to engage with or accept incoming transfers from MEXC wallets.
@usithetalk Issue is not with Mexc withdrawals now, other crypto exchanges or rails refuse to engage or accept withdrawals from Mexc.
— Zenyu (@Zenyu22) November 10, 2026
This could effectively limit users’ access to their funds. Even when customers successfully withdraw assets from MEXC, they may find that other compliant, fiat-connected platforms flag, freeze, or reject incoming funds due to concerns about secondary sanctions.
Read also: MEXC, Binance and Bybit Lead CryptoQuant’s 2025 Exchange Score Index
Restoring financial partners’ trust may be difficult
MEXC’s independent compliance review is an attempt to address concerns about its anti-money laundering and sanctions controls and protect its reputation.
However, the scale of FinCEN’s allegations presents a significant challenge. Establishing communication with FinCEN is an important first step, but it does not resolve the allegations or guarantee that the restrictions will be withdrawn.
MEXC must demonstrate that its compliance controls can meet regulatory expectations and address concerns among financial institutions, payment providers, and other cryptocurrency exchanges.
Until then, even if its internal trading and withdrawal services continue to operate, users may face increasing difficulties moving funds between MEXC and other platforms.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights.
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
