As US Moves to Cut Off MEXC, Competitor OKX Warns Users Against Transfers

OKX founder Star Xu told customers on Saturday to stop sending funds directly from rival exchange MEXC after the US moved to cut MEXC off from its financial system.

OKX is a separate company and is not named in the US order.

Xu warned that money linked to MEXC may be frozen and related accounts investigated.The Financial Crimes Enforcement Network (FinCEN), part of the US Treasury, issued the order on Friday, alleging that MEXC moved at least $16.7 billion in likely illicit funds between May 2021 and May 2026.MEXC is among the 20 largest crypto exchanges, FinCEN said, with more than $1 billion in daily transactions as of June.

The ban on US financial institutions starts only 30 days after publication in the Federal Register.MEXC also competes for the traders brokers serve.

It handled $86 billion of commodity perpetual futures in the third quarter, a 17.43% share behind only Binance, TokenInsight data show, and claimed 27.4% of crypto gold futures in the first quarter.London's trading industry is coming home!Deposits Flagged Weeks Before the DeadlineThe order applies only to US financial institutions, and Xu acknowledged the 30-day window.

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