MEXC CEO says Elliptic removed exchange’s special-risk marker

MEXC CEO Vugar Usi said compliance analytics provider Elliptic removed a special-risk marker from MEXC Global and restored MEXC Global to its standard “exchange” category. His update also disclosed that MEXC began an independent review of its anti-money laundering and sanctions controls while addressing recent attention surrounding a U.S. FinCEN-related order.

The marker’s removal is a change in Elliptic’s own risk classification, based on Usi’s account. His update did not identify the criteria that produced the marker, the date of the related order, or whether the order named MEXC. No terms, findings or compliance requirements were described. Elliptic is a compliance analytics service provider. The announcement did not say how the marker affected any external party, nor did it explain whether the restored category changes MEXC’s obligations.

What does this change for users?

Usi said deposits and withdrawals “continued to operate normally.” He added that withdrawals had increased but were “remaining orderly,” and said user assets were safe. Those comments put the operational picture beside the compliance scrutiny: withdrawal activity was rising, user assets were said to be safe, and MEXC had begun an independent controls review.

For users, the practical question is whether they can keep withdrawing funds during the review. On Usi’s account, yes. Usi did not report a suspension, and he said MEXC respects users’ decisions to withdraw. The statement gave no withdrawal totals, processing times, user-balance figures or transaction-level records. It also did not say whether deposits and withdrawals varied by jurisdiction, payment method or asset.

That leaves the claim operational but unquantified. Usi, as the executive describing MEXC’s own systems, offered the assessment. The statement offered no transaction data or third-party confirmation of the reported increase.

Inside MEXC’s independent review

MEXC has started an independent review of its anti-money laundering and sanctions controls, Usi said. The announcement did not name the reviewer, define the review’s scope or set a completion date. It did not say whether FinCEN requested the work or whether any findings would be made public.

Usi said MEXC is seeking constructive engagement with the U.S. Financial Crimes Enforcement Network, or FinCEN. He also said the exchange respects users’ decisions to withdraw and plans to provide further updates. No date accompanied that promise. The source gave no deadline for the review, no enforcement window for the order and no indication of when FinCEN might take another step.

Elliptic’s removal of its marker and FinCEN’s order remain separate matters, and the source provides no indication that the agency has ended, narrowed or amended the action. The distinction matters. A standard classification from a compliance analytics provider addresses MEXC’s standing in Elliptic’s system; it does not, on the available record, establish the outcome of FinCEN’s process.

Three company-reported facts anchor the announcement: Elliptic restored MEXC Global to its standard exchange category, deposits and withdrawals continued normally, and MEXC started an independent controls review. The announcement did not disclose the order’s terms or a regulatory outcome.

The next verifiable step is MEXC’s promised follow-up, particularly whether it identifies concrete control changes as the exchange engages with FinCEN; no review deadline or enforcement timetable was disclosed.