Regulators Cut MEXC Off From US Banking as ETFs Shed Billions

US regulators have cut MEXC Global off from the US banking system. Gnosis Pay has confirmed that a breach exposed its card customers' personal data. The Ethereum Foundation has delayed a network upgrade over a gas change. Each of the three has a document behind it, and the documents say more than the headlines that followed.

For a holder, the effects differ by story. The MEXC order targets the exchange's dollar rails rather than the exchange itself. US financial institutions can no longer process transfers to or from it. The Gnosis Pay breach exposed identity and card details, and the company says funds were not affected. The Ethereum delay changes nothing on the network yet, because the upgrade is on hold.

Key Facts

• FinCEN's order, issued under section 9714(a) of the Combating Russian Money Laundering Act, cuts MEXC Global off from the US financial system over at least $16 billion in illicit transactions and takes effect 30 days after publication in the Federal Register. (FinCEN)
• US spot Bitcoin and Ether ETFs lost a combined $1.65 billion in net outflows in the 2 to 6 November week, Farside data show, with Bitcoin funds down $1.28 billion and Ether funds $365.2 million.
• Gnosis Pay detected unauthorised access to the system behind its branded cards on 3 November 2026 and made 3D Secure mandatory for online card payments until that system retires on 20 December 2026. (Gnosis Pay)
• The Ethereum Foundation has delayed Glamsterdam and will not fork Hoodi until eight broken invariants are resolved, and is asking contract developers and auditors to check their projects. (Ethereum Foundation)

What the MEXC Order Blocks

FinCEN issued the order as part of Operation Economic Outcast. It says MEXC Global, a convertible virtual currency exchanger, facilitated at least $16 billion in illicit transactions. Those transactions were connected to Iranian, North Korean and Russian sanctions evasion, and to cybercrime, including transacting directly with sanctioned actors. (FinCEN)

The order was issued under section 9714(a) of the Combating Russian Money Laundering Act. It prohibits US financial institutions from engaging in any transmittal of funds from or to MEXC Global. It is effective 30 days after publication in the Federal Register. (Treasury)

Treasury Secretary Scott Bessent framed the choice for banks: "Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system." (Treasury)

Treasury said MEXC moved at least $16 billion connected to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026. That figure includes nearly $1.5 billion in transactions linked to Russian sanctions evasion. As of September 2026, the exchange processed more than $1 billion in daily transactions and held roughly $5 billion in reserves. It ranks among the top 20 largest CVC exchangers in the world. (Treasury)

MEXC Global has not issued a formal public statement on the order. Its US users face uncertainty about their ability to access funds.

Gnosis Pay: What the Breach Exposed

Gnosis Pay's monitoring systems detected unauthorised access on 3 November 2026. The breach hit the system powering Gnosis Pay-branded cards, its consumer business line, and exposed certain customer information. The company says the enterprise platform behind its white-label card programmes was not affected. (Gnosis Pay)

Containment began within two hours of detection. The company replaced the affected security credentials and fixed the vulnerability. It has made 3D Secure mandatory for all online card payments. Those measures stay in place until the consumer system is retired as planned on 20 December 2026. That is also the system the breach was limited to. (Gnosis Pay)

Gnosis Pay says it emailed every affected customer with exactly what was taken from their account. It reported the breach to its partners, and is communicating with data protection authorities and its card issuer. It has not said how many customers were affected. (Gnosis Pay)

Rotki founder Lefteris Karapetsas listed what the breach exposed about him. That included his name, home address, full card number with its security code, and every wallet address linked to his account.

Ethereum Delays Glamsterdam Over Gas Changes

The Ethereum Foundation announced the delay on 6 November, citing concerns about how proposed gas changes could affect existing applications. (Ethereum Foundation)

Based on the findings, the AllCoreDevs call decided to delay the hardfork process and not fork Hoodi until the issues are resolved, the foundation said. Work on Hegota continues in parallel. (Ethereum Foundation)

The foundation used its blog as a call to action. It asked contract developers and auditors to check whether their projects rely on any of eight invariants that Glamsterdam will break. It says it is engaging Chainsecurity and Dedaub and running internal audits. (Ethereum Foundation)

Coinbase's November Delisting Run

Coinbase's status page lists a delayed suspension for Stargate Finance (STG) and Vulcan Forged (PYR) on 20 November 2026 at 2 PM ET. Trading is stopped across Coinbase Simple and Advanced Trade, Coinbase Exchange and Coinbase Prime. (Coinbase status)

The same page says spot trading for Collector Crypt went live on 6 November 2026 under the ticker CARD. That is one letter off its native ticker CARDS, and avoids a clash with an existing Coinbase listing. (Coinbase status)

It also says Coinbase will support ZetaChain's migration from ZetaChain (ZETACHAIN) to ZetaChain (ZETA) on Ethereum from 7 to 10 December 2026. The project announced a token migration and the deprecation of its native L1 network. (Coinbase status)

Further November delistings have been reported for Neon EVM (NEON), Syndicate (SYND) and Ampleforth Governance Token (FORTH). Coinbase's own notices do not list those dates.

ETF Outflows Run Into a Second Week

US spot Bitcoin ETFs recorded $411.9 million in net withdrawals on 6 November, with BlackRock's IBIT accounting for $403 million of that. Ether funds lost another $93.3 million the same day.

Over the 2 to 6 November week, Bitcoin and Ether ETFs recorded $1.65 billion in combined net outflows, Farside data show. Bitcoin funds lost $1.28 billion across the five sessions and Ether funds $365.2 million.

The Ether losses stretch back further. On 5 November, US spot Ether ETFs posted a $99.9 million net outflow: BlackRock's ETHA lost $75.2 million, its ETHB line a further $22 million, Fidelity's FETH $2.2 million and Grayscale's ETHE $500,000. That followed a $53 million inflow on 4 November and outflows of $139.7 million and $85.3 million on 2 and 3 November.

Through 6 November, Farside's cumulative totals stood at about $55.77 billion in net inflows for Bitcoin ETFs. Ether funds stood at $11.95 billion.

The next hard date is the FinCEN order's effective date, 30 days after publication in the Federal Register. After that, US financial institutions are barred from processing transfers to or from MEXC. Between now and then, Coinbase suspends Stargate Finance and Vulcan Forged on 20 November, and Gnosis Pay retires the breached card system on 20 December.