MEXC: Elliptic Has Removed Platform's Special Risk Classification

Nov 7 — In response to the recent order from the U.S. Financial Crimes Enforcement Network (FinCEN), MEXC CEO Vugar Usi posted an update on the latest developments, stating that the platform's deposit and withdrawal services have continued to run smoothly and that the team is actively assisting users in completing transactions. Although withdrawal volume has increased, it has remained orderly overall. Meanwhile, KYT service provider Elliptic has confirmed that MEXC Global has been restored to the "exchange" category in its systems, with the previous special risk classification removed.

Vugar Usi said MEXC takes seriously the concerns raised in the FinCEN order, intends to engage constructively with FinCEN, and has begun an independent review of its own anti-money laundering and sanctions controls. The team will continue to focus on resolving the current situation and will keep sharing updates as the situation develops.

Previous news: the U.S. Treasury's FinCEN ordered that MEXC Global be cut off from the U.S. financial system, alleging it was involved in at least $16 billion in sanctions-evasion and other transactions.