US Financial Institutions to Halt Money Transfers with MEXC: When Does the Ban Begin?

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has ordered U.S. financial institutions to halt money transfers to and from crypto exchange MEXC Global, with the ban taking effect 30 days after publication in the Federal Register. The order, issued under the Treasury Department, cites concerns over MEXC's compliance and marks a significant regulatory action against one of the larger offshore crypto trading venues. The prohibition means U.S. banks and other financial firms can no longer act as intermediaries for dollar transfers involving MEXC, potentially complicating access for U.S. users and affecting the exchange's liquidity and volumes. The move underscores growing U.S. scrutiny of offshore crypto platforms and their anti-money-laundering controls. What to watch next is whether MEXC adjusts its compliance framework or pursues remediation to restore U.S. transfer access, and how the 30-day effective date plays out in practice.