UAE regulated CoinMENA restricts crypto trading with MEXC
After MEXC has been designated by the US Financial Crimes Enforcement Network (FinCEN) of MEXC Global as a financial institution with concerns on money laundering CoinMENA, regulated in both the UAE and Bahrain, as well as soon in Jordan, has joined the ranks of Binance, and OKX and restricted transactions involving MEXC and its affiliated entities.
As per CoinMENA, these restrictions apply to the following entities and any associated or affiliated platforms, accounts, wallets, or services: MEXC Global Limited, MEXC Estonia OÜ, GIDA Technology AG, MXC Global Ltd, MEXC Global Foundation Ltd
MEXC Singapore Pte Ltd, MEXC (Comoros) Ltd, MEXC, MEXC Global, MEX Global Ltd, MX Global LTD and MEX Exchange (formerly known as MEXC)
FinCEN alleges that MEXC processed at least $16 billion in suspicious transactions between May 2021 and May 2026, including nearly $1.5 billion in direct and indirect exposure to Russian sanctions evasion, and described its anti-money laundering controls as severely deficient.
CoinMENA states, “With immediate effect, withdrawals to and deposits from wallets associated with these entities will not be permitted. Any incoming transactions identified as involving these entities will be temporarily withheld pending review, and any outgoing transactions identified as involving these entities will be rejected.”
CoinMENA asked its customers to refrain from initiating any transactions involving the above entities, whether directly or indirectly, through your CoinMENA account.
Binance also stopped processing transactions November 10th , involving MEXC. In an X post Binance stated, “Effective immediately, users should not send funds to, receive funds from, or otherwise transact through Binance involving MEXC, MEXC Global, MEXC affiliates or related entities,” Binance tweeted on Tuesday. Any request to send funds from a Binance account to MEXC will be declined, according to a Binance announcement that lists 13 entities covered by the restriction, including MEXC Global Limited, MEXC Estonia OÜ and MEXC Singapore Pte Ltd. Deposits received from those entities will be temporarily withheld for compliance review, and users could face further restrictions, including being offboarded from Binance, the exchange said.
MEXC ranks ninth among spot exchanges on CoinMarketCap, which scores platforms on traffic, liquidity and trading volume, with about $812.5 million in spot volume over the past 24 hours. Binance ranks first, with about $6.4 billion.
