OKX Tells Users to Stop MEXC Transfers as Crypto Exchange Faces US Treasury Action

TLDR OKX is flagging and reviewing deposits sent directly from MEXC after a U.S. Treasury order. OKX founder Star Xu told users to avoid direct transfers from MEXC to OKX. FinCEN alleges MEXC processed more than $16 billion in illicit transactions from 2021 to 2026. MEXC saw more than $120 million in net outflows in the hours after the U.S. announcement. MEXC CEO Vugar Usi says withdrawals are working and the exchange has started a compliance review. Customers of crypto exchange MEXC are facing holds on their funds when they try to move assets to rival platforms. The problems began after the U.S. Treasury Department took action against the Seychelles-based exchange on Nov. 6.

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