MEXC has halted USDT withdrawals on most networks. The exchange cites scheduled maintenance as the reason. The halt began a day after a US Treasury order that cuts MEXC off from the American financial system.
USDT is a stablecoin, its rate is pegged to the dollar. A withdrawal network is the blockchain over which coins leave the exchange to a wallet. The status of such networks is tracked by Cexorer: as of November 7, six out of 18 tracked networks were working.
For a trader the problem is simple. The usual cheap withdrawal route may not open, and the request will hang until the network is restored.
Which routes are not working
- TRC20, Solana, BNB Smart Chain, Arbitrum and Polygon - the most popular routes, they turned out to be unavailable.
- Ethereum ERC20 - here withdrawals remained open.
- 6 networks out of 18 - that is how many were working as of November 7 according to Cexorer.
What does support say?
A day ago the picture was different. As recently as November 6, MEXC reported that deposits, withdrawals and trading were proceeding normally.
On November 7 the answers changed. Support tells clients that stuck requests will be processed automatically after the networks are restored. They can be cancelled in the withdrawal history.
The exchange never named:
- the full list of affected networks;
- the start time of the outage;
- the recovery timeframe for withdrawals.
Why did this happen now?
- FinCEN status. On November 6, the US Treasury's financial crimes unit designated MEXC Global as an organization of primary money laundering concern.
- $16.7 billion. According to the agency, that is how much passed through the exchange from May 2021 to May 2026. This concerns circumvention of anti-Russian sanctions, Iranian and North Korean entities, and cybercrime.
- Section 9714. The order was issued under the Russian money laundering prevention law. It prohibits US financial institutions from any transfers involving MEXC, including cryptocurrency.
- In 30 days. That is how long it takes for the order to take effect after publication in the Federal Register.
Key point: keeping money on the exchange that you need in the coming days is risky right now. The recovery timeframe for the networks has not been named, and the order takes effect in a month.
What next?
MEXC does not acknowledge a connection between the outage and the order. The exchange stated that client assets are safe.
What the exchange promises and is doing:
- an independent review of its anti-money laundering procedures;
- dialogue with FinCEN - the exchange intends to conduct it;
- November 16 - completes its exit from the Netherlands under MiCA requirements. MiCA is the European Union's crypto law.
There has already been a precedent. FinCEN issued a similar order against Bitzlato in January 2023. How to trade without your own deposit on an exchange is covered in the academy, and the terms of companies are collected in the prop firm catalog.
Been cycling through networks in the withdrawal window?
While you were cycling through TRC20, Polygon and Arbitrum looking for a working route, the market moved on without you. It's not just about the lost evening. Your entire trading capital is a single deposit that you have to manually move between venues. In prop trading, the company provides the money behind the position: you pay for the evaluation, trade within its loss limits and receive an agreed share of the profit. Understanding this scheme is more useful than looking for a seventh working network.