FinCEN Confirms Receipt of MEXC's Written Request, CEO Says

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) confirmed Monday morning ET that it received MEXC's written request, according to the exchange's CEO, Vugar Usi. The outreach, made through a U.S. law firm, is the latest step in MEXC's effort to engage the bureau after a U.S. order targeted the exchange's access to the financial system.

Usi said MEXC was prepared to cooperate fully with FinCEN. He also reported that deposits, withdrawals and trading were operating normally on the platform at the time of the update. The exchange, he said, would continue posting progress reports.

That commitment to transparency is a statement of intent, not yet a demonstrated outcome. A written request received is a procedural milestone; FinCEN has made no public response, and the substance of any future negotiation remains entirely undisclosed.

What prompted the outreach?

The contact follows a U.S. order aimed at MEXC's access to the financial system. The exchange has not detailed the full scope of that order, nor has it published the contents of its request to FinCEN. What is known is the sequence: an enforcement action affecting market access, then an approach through American counsel, then Monday's confirmation of receipt.

Using a U.S. law firm rather than direct contact is a standard move for foreign-facing exchanges dealing with Treasury bureaus. It signals formal engagement while insulating operational staff from direct regulatory contact. It does not, however, indicate the agency's posture toward the exchange.

What has MEXC done on compliance so far?

In an earlier update, Usi said compliance analytics firm Elliptic had returned MEXC Global to its standard exchange category in its system and removed a special risk marker. Elliptic supplies transaction-monitoring and counterparty-risk data to financial institutions, so its reclassification affects how banks and other counterparties screen the exchange.

MEXC also said it was seeking constructive communication with FinCEN and had begun an independent review of its anti-money laundering and sanctions compliance controls. An independent review is the conventional first step in remediation; its findings, its scope and the identity of the reviewer have not been disclosed.

In plain words: the exchange has started the procedural work regulators expect, but no external verification of improved controls exists yet.

What happens next?

Three operational facts currently stand: FinCEN has the request, the platform reports normal functioning, and an independent compliance review is underway. Each rests on the exchange's own account. FinCEN has not commented publicly, and the U.S. order remains in place unless or until the agency modifies it.

Usi's promise of continued progress reports gives observers a timeline to test. If the reports stop, or if they remain vague on the review's findings, that silence will itself be informative. The operative question is whether FinCEN responds formally — and on what conditions — in the coming weeks.