Binance bans all transactions with MEXC after $16 billion fraud claims

Binance, the world’s largest cryptocurrency exchange by trading volume, has stopped all transfers involving MEXC and its affiliated companies. The move comes shortly after the U.S. Treasury took steps to exclude global crypto exchange MEXC from the U.S. financial system. Binance announced on Tuesday that it immediately halted all trading and fund transfers involving MEXC. This decision is a direct response to the recent determination by the U.S. Financial Crimes Enforcement Network (FinCEN), which labeled MEXC as a Primary Money Laundering Concern. According to Binance, its users are now prohibited from sending or receiving funds to or from MEXC or conducting any transactions involving entities under the MEXC umbrella. The announcement emphasized that all related services were discontinued with immediate effect.

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