Update - MEXC Says Elliptic Removed Special Risk Flag

MEXC Global says blockchain analytics provider Elliptic has removed a special risk classification previously applied to the cryptocurrency exchange and restored it to the standard “exchange” category in its screening system, according to a November 7 update from MEXC Chief Executive Vugar Usi. The development comes one day after the U.S. Financial Crimes Enforcement Network ordered American financial institutions to cut MEXC off from the U.S. financial system over allegations that the exchange facilitated at least $16 billion in transactions connected to sanctions evasion, cybercrime and other illicit activity. MEXC also acknowledged that customer withdrawals have increased since the U.S. action but says deposits, withdrawals and trading continue to operate normally.