MEXC Says Elliptic Removes Special Risk Label After FinCEN Order
MEXC reported that Elliptic restored the exchange to its “Exchange” category on Nov. 7, one day after FinCEN cited at least $16 billion in suspicious transactions.
MEXC CEO Vugar Usi announced the change on Nov. 7, one day after the U.S. Financial Crimes Enforcement Network issued an order concerning the exchange. Usi reported that Elliptic had removed MEXC’s special risk classification and returned it to the “Exchange” category in its systems.
MEXC continues to process deposits and withdrawals, the exchange reported. It is also assisting users with transactions amid increased withdrawal activity.
The exchange has begun an independent review of its anti-money laundering and sanctions controls. MEXC plans to engage with U.S. authorities while addressing the concerns listed in the FinCEN order.
FinCEN issued the order on Nov. 6 under Operation Economic Outcast. The agency cited at least $16 billion in suspicious transactions and linked the activity to Russian networks, Iranian entities, North Korean facilitators and cybercriminals. The order identified $1.99 billion in transactions connected to cybercriminals and $37.9 million in ransomware payments.
According to MEXC’s account of the order, it applies to covered U.S. financial institutions and does not target customer balances or the exchange’s global operations. MEXC did not provide further details about when Elliptic removed or restored the classification.
Reviewed and fact-checked by Alex Panasenko on November 8.
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