MEXC says trading remains normal and customer assets are secure, but the Treasury's latest action could complicate its banking relationships.

Crypto exchange MEXC saw $126 million in net outflows as US regulators moved to sever its access to the American financial system.

The withdrawals coincided with a Nov. 6 enforcement action by the Treasury's Financial Crimes Enforcement Network (FinCEN), which accused the exchange of facilitating $16.7 billion in transactions linked to sanctions evasion, terrorist financing and cybercrime.

Data from DeFiLlama showed $126.03 million in net outflows over a 24-hour period spanning the announcement, while the exchange retained approximately $4.353 billion in tracked assets.

This represent net movements through monitored wallets and do not establish that all withdrawals occurred after the announcement or indicate whether the exchange has sufficient assets to meet its customer liabilities.

MEXC has moved to contain concerns about its financial position, insisting that customer funds remain secure and its trading, deposit and withdrawal services are operating normally.

In an official statement, the exchange said it was reviewing the Treasury order with its legal and compliance teams and had initiated an independent examination of its anti-money laundering and sanctions controls.

“We take the concerns raised seriously and intend to engage constructively with FinCEN, as well as other relevant regulators and competent authorities worldwide.”

CEO Vugar Usi separately sought to clarify the implications of the order after concerns spread among users.

“A number of misconceptions are floating around,” Usi said, emphasizing that the restrictions apply to transactions involving US financial institutions rather than the exchange's entire global operation.

Source link