ZachXBT demanded the disclosure of the basis for the $16 billion calculation

On-chain investigator ZachXBT has challenged FinCEN’s calculation that MEXC processed at least $16 billion in illicit-linked transactions, questioning both the figure and the methodology behind it. He acknowledged MEXC’s historically lax AML and KYC policies but argued the estimate may be overstated, calling for detailed calculation data and comparison benchmarks against other major exchanges. ZachXBT also questioned whether regulatory scrutiny of MEXC and HTX is disproportionate, noting illicit fund flows likely exist at other exchanges as well. The dispute follows the U.S. Treasury’s announcement on the 6th concerning MEXC. What to watch next is whether FinCEN releases its underlying methodology and how the comparison with peer exchanges shapes the final penalty or settlement.