OKX founder warns users against direct transfers from MEXC
The warning follows special compliance measures against MEXC by US regulator FinCEN, with OKX threatening to freeze direct deposits.
Key takeaways
- 1OKX founder Star advised users to stop direct fund transfers from MEXC.
- 2US regulator FinCEN introduced special compliance measures targeting MEXC.
- 3OKX warned that incoming MEXC deposits may be frozen and accounts investigated.
Star, the founder of cryptocurrency exchange OKX, advised users on Saturday to temporarily avoid transferring funds directly from MEXC to OKX. The warning came after the Financial Crimes Enforcement Network, an agency of the US Department of the Treasury, introduced special measures against MEXC.
OKX said it has proactively tightened its compliance controls in response, applying a level of caution to MEXC transfers similar to that used for financial sanctions. Funds coming directly from MEXC may be frozen immediately pending internal review. OKX added that accounts involved in these direct transfers may face broader compliance checks and investigation.
OKX is one of the largest centralized crypto exchanges in the world, processing significant daily volume for spot and derivatives trading. Enforcement agencies have consistently pushed major platforms to cut off access to un-credentialed or restricted venues to prevent illicit financial flows. Separately, Chainlink was trading at $10.93 on Saturday with a market capitalization of $8.4 billion, according to YourKhabri data.
The tightening of controls shows how regulatory enforcement by US authorities can quickly alter how major exchanges handle incoming customer deposits. Traders using both exchanges will likely need to move funds through personal self-custody wallets before depositing them onto compliant platforms to prevent automated freezes. Market participants will watch whether rival global exchanges enforce similar restrictions against MEXC transfers.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.