Crypto News: Binance France Shuts Down, US Sanctions MEXC

Binance France is closing its operations in France, according to emails sent to customers in early November. All accounts will close on Dec. 31, with withdrawals required by Nov. 29 to avoid monthly maintenance fees. Starting Nov. 29, accounts with remaining balances will be charged 0.025% of the balance or at least 10 USDC per month.

The US Treasury has also sanctioned eight Canadian money-service businesses accused of helping sanctioned Iranian entities access digital assets. According to the Treasury, the companies exchanged Iranian rials and other currencies for crypto, facilitating international transactions involving sanctioned Iranian exchanges and wallet addresses linked to Iran’s Islamic Revolutionary Guard Corps.

In a separate action, the Treasury’s Financial Crimes Enforcement Network ordered MEXC Global cut off from the US financial system. FinCEN alleges that the exchange processed at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026, including roughly $1.5 billion tied to Russian sanctions evasion.

The actions add to regulatory pressure on major crypto businesses. Binance France is winding down its local operation, while MEXC faces an alleged record volume of illicit transactions, underscoring the growing focus on compliance, sanctions enforcement and crypto’s access to the dollar-based financial system.