The market this morning

US Treasury Severs Exchange MEXC From American Financial System Over Alleged $16B in Illicit Finance

By Crypto Info News

Good morning. FinCEN ordered US financial institutions to stop processing transfers involving MEXC Global on Friday, according to Decrypt, Cointelegraph and The Block. The order, which Decrypt reports is part of Operation Economic Outcast, bars transfers to or from the exchange. Treasury says MEXC facilitated $16 billion in illicit finance tied to Iran, North Korea and Russia, per Decrypt and The Block.

The same day, The Block reported that Treasury withdrew a proposed expansion of cryptocurrency transaction requirements, which The Block described as a surveillance "travel rule." Two actions, opposite directions, from the same department.

Retirement and tax policy also moved. The Block reported that a rule opening 401(k) accounts to alternative assets, including cryptocurrencies, has reached the White House. Cointelegraph reported that the proposal does not exclude altcoins, though experts it cited said smaller tokens could face hurdles entering retirement plans. Decrypt reported that Greece passed a crypto tax law with a 10% gains levy and 15% on staking and DeFi income, a €500 ($557) annual gains threshold, and unresolved questions on token swaps.

On security, Cointelegraph and The Block reported a Gnosis Pay data breach exposing card details and personal data after unauthorised access to its legacy system on 3 November; both said customer funds were not affected. Separately, Cointelegraph reported that TRM Labs executive Ari Redbord called the record $6.3 billion Binance theft a "cyber war" and urged offensive government action against North Korean hackers.

In markets, Decrypt reported Bitcoin ETFs saw $430 million in Thursday withdrawals, led by Fidelity and BlackRock, amid a technology-stock selloff. Bitcoin closed at $75,775.28, down 0.30% on the day; Ether closed at $2,236.28. CoinDesk reported that Apple and Meta rejected OKX–ICE tokenized stock plans, with 90% of issuers opting out. Cointelegraph reported Russia finalised retail crypto trading rules ahead of a 17 November rollout.

What to watch: the scope of MEXC's isolation, the 401(k) rule at the White House, and Moscow Exchange's planned December launch.