US financial institutions banned from MEXC transfers effective December 10… Binance blocked first

FinCEN’s order barring U.S. financial institutions from transferring funds with MEXC takes effect Dec. 10 after publication in the Federal Register, with the restrictions covering crypto transfers as well as fiat flows. Binance said it will move first, rejecting transfers to MEXC and related entities and reviewing funds arriving from them. The order directly binds U.S. institutions, which can no longer send funds to or receive funds from MEXC, while FinCEN argues that limiting only correspondent accounts held by foreign banks would leave other routes to MEXC open. The action matters because it inserts a U.S. compliance barrier between MEXC and dollar-linked banking rails, potentially pushing market makers and institutional users to route flows through compliant venues. What to watch next is whether other major exchanges and custodians adopt Binance-style pre-emptive blocks, and whether MEXC’s liquidity, trading volumes and token prices show stress as the Dec. 10 deadline approaches.