Binance and other top cryptocurrency exchanges have completely blocked all transections and fund to and MEXC global. This major move follows a serious regulatory crackdown by the U.S. government, leaving many crypto traders wondering what to do next.
Why it's happening and why it matters
A powerful branch of US Treasury called FinCEN ( Financial crime enforcement network) officially labelled MEXC as " Primary money laundering concern"
These Specific restrictions placed on users
If you use Binance or other major platforms some rules are in place now.
• Blocked withdrawal: You can't send any cryptocurrency from Binance to MEXC directly these requests are automatically rejected.
• Frozen deposits: If you send fund from MEXC to Binance the funds will be on hold and will be flagged and held for strict legal action.
• Account risk: Accounts whose tried to switch funds between these two exchanges risk being restricted or permanently closed.
Why just MEXC was targeted
United State authorities had alleged that MEXC is heavily involved in illegal financial activities. Specifically, regulators state that MEXC processed over $16 billion in highly suspicious transactions over a five-year period.
A large portion of this money nearly $1.5 billion allegedly tied to helping entities even international sanctions, specifically regarding Russia. The restrictions do not just cover the main MEXC website, but also apply to 13 of its sister companies and regional branches worldwide.
What next should be done
If someone have funds in any of these exchanges it's must to keep some tips in mind.
• Stop all transections: Do not attempt to move funds between MEXC and other major exchanges.
• Do not try to cheat and using alternative way to transfer: Using a pribaye wallet like Metamask and Trust wallet to bounce your funds from one to another it will still risk to flag your account.
• Be aware of scam: Be aware of someone like who says I can unfreeze the account or help to bypass it these are most definitely scams design to steal your remaining funds.
Now what you think should be done in these situations to avoid scams and account being flagged? let me know in comments section?
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