The short version
- MEXC withdrawal warning: OKX founder Star Xu told users not to send funds directly from MEXC to OKX, saying they may be frozen for review and the accounts investigated.
- Users report MEXC deposits held at Binance and Gate too, and Bitget Wallet’s card won’t take MEXC funds, even though FinCEN’s order is not in force yet.
- MEXC says withdrawals run normally; about $201 million net has left its tracked wallets since Saturday, roughly 4.5%.
- Next: FinCEN’s 30-day clock starts when the order appears in the Federal Register, which had not happened by Sunday morning.
A MEXC withdrawal still goes through, but OKX now says the money may be frozen when it lands. Founder Star Xu told users late on Saturday to “avoid transferring funds directly from MEXC to OKX”, which turns the question from “can I get my money out?” into “where can I send it?”. The US ban on MEXC hasn’t started yet, but other platforms are not waiting for it.
Here’s the chain since Treasury’s order on Friday:
- Treasury moves to cut MEXC off US banks = other platforms start treating MEXC money as risky, today.
- OKX says funds coming from MEXC may be frozen for review, and the accounts behind them may be investigated.
- Users report MEXC deposits held at Binance and Gate, and Bitget Wallet’s card top-up won’t accept funds it identifies as coming from MEXC.
- MEXC, for its part, says withdrawals run normally and that the analytics firm Elliptic has dropped a special risk label on the exchange.
Star wrote in a post to frustrated users: “OKX treats FinCEN special measures with a level of caution similar to sanctions.”
Sorry for the inconvenience. We understand that you may be an innocent user caught up in this situation, and we sympathize with your frustration.
Please avoid transferring funds directly from MEXC to OKX.
OKX treats FinCEN special measures with a level of caution similar to
Why Is OKX Freezing MEXC Funds Before the Ban Starts?
Because the 30 days are a grace period for US banks, and nothing in them obliges an exchange to keep taking MEXC money. The MEXC FinCEN order bars US financial institutions from moving money to or from MEXC Global, starting 30 days after it is published in the Federal Register. It was still not there on Sunday morning, and it is not on the public inspection list for Monday’s edition either.
OKX says it has “significantly strengthened its controls rather than waiting until the deadline”. The reason is easy to guess. OKX pleaded guilty in the US in February 2025 to running an unlicensed money transmitting business and paid more than $504 million, and Binance paid $4.3 billion in 2023. No compliance team wants to explain a fresh stream of MEXC money to a regulator in December.
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Who Has Done What So Far
None of the big exchanges except OKX has said anything in public. The reports about Binance and Gate come from individual users who say their deposits from MEXC were held, delayed or put up for a refund review. Neither exchange has posted a notice.
The last line is MEXC’s own claim. Elliptic has not said anything about it publicly, and a risk label at one analytics firm doesn’t decide what OKX or Binance do with a deposit.
SIDE TRAIL: MEXC FinCEN Order Cuts Exchange Off US Banks Over $16 Billion
Are MEXC Withdrawals Still Working?
Yes, according to MEXC and to the chain. CEO Vugar Usi wrote on Saturday afternoon that deposits and withdrawals “have continued to operate smoothly”, and admitted there has been “an increase in withdrawal volumes”.
I'd like to keep everyone updated on where things stand and share the latest progress we've made over the past several hours.
1. Platform Operations Remain Stable
Over the past several hours, teams across MEXC have been actively engaging in discussions and coordinating with
The wallets DefiLlama tracks for MEXC held $4.22 billion on Sunday morning, down from $4.43 billion at the start of Saturday. Holding prices steady, about $201 million left on balance, $133 million of it in stablecoins such as USDT. That is roughly 4.5% in a day and a half. Busy, but calm: a steady stream rather than a rush for the door. The MX token trades at $1.46 at the time of writing, about 5% below Friday’s close.
What Should MEXC Users Do Now?
The order doesn’t freeze anything on MEXC itself. So far the MEXC withdrawal issues sit at the other end, with the platform that receives the money. Three checks before a MEXC withdrawal:
- Read the receiving exchange’s rules first. OKX has told users plainly not to send MEXC funds directly, and a held deposit can take weeks to clear.
- Send a small test amount before the full balance, as with any transfer.
- Keep your MEXC account history and the transaction IDs. A compliance review asks where the money came from, and records are what clear it.
Routing coins through a private wallet first doesn’t erase where they came from: analytics tools follow funds across several hops, and an exchange may treat a detour as a red flag of its own.
TRAIL MAP: How to Send Crypto Without Losing It: Networks, Addresses and Test Transactions
What decides the next step is a date nobody knows yet: the day the order appears in the Federal Register, when FinCEN’s 30-day clock finally starts.
Teddy has been trading crypto since 2016. The focus is altcoins and EMA setups: finding coins sitting on key levels, waiting for support to hold or a range to be reclaimed, and trading the move from there. Bitcoin sets the tone, but the opportunities are usually in the alts.
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