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BREAKING: Treasury Cuts Crypto Exchange MEXC Off From US Financial System

Friday we asked whether you'd rather hold Bitcoin or AI stocks for the next five years, and 82% of you picked Bitcoin.

Just 10% went with AI stocks and 8% would sit in cash, with Bitcoin still more than 40% below its record and trading in step with the Nasdaq.

Later that day, the US Treasury moved to cut MEXC, one of the world's 20 biggest crypto exchanges, off from the American financial system.

Its financial crimes unit, FinCEN, says MEXC handled at least $16 billion tied to sanctions evasion and cybercrime between May 2021 and May 2026, including about $1.5 billion linked to Russia and some $1 billion sent straight to more than 40 Iranian exchanges.

Once the order kicks in, 30 days after it's published in the Federal Register, US financial institutions can't send money to MEXC or receive it, and that includes crypto transfers.

MEXC is the biggest crypto exchange ever hit under this law (Section 9714, a Russia anti-money-laundering power), far larger than Bitzlato in 2023 or PM2BTC in 2024.

The same afternoon, FinCEN withdrew a 2020 proposal that would have cut the threshold for collecting details on crypto transfers from $3,000 to $250.

In one afternoon, Treasury went easier on the transfers it supervises and came down hard on an exchange it can't reach.

Last week the CFTC sold its stock-perps approval as a way to bring that kind of trading home from offshore exchanges.

To be fair, the order doesn't shut MEXC down…

It says it's operating normally while it reviews the order, it has launched an independent check of its anti-money-laundering controls, and last month it stopped serving users in Russia and Belarus.

If you keep coins on an offshore exchange, check that the place you'd withdraw them to is still allowed to take them. 🚀

Wall Street is preparing for what could become one of the biggest AI IPOs in history. But ordinary investors may have to wait until shares begin publicly trading to participate directly.

Meanwhile, three publicly traded companies could offer exposure to the AI infrastructure and investment boom surrounding Anthropic. Two are familiar names. The third is a lesser-known company that many investors haven't connected to the story.

A new, free briefing reveals all three tickers, potential entry prices, and a bonus fourth company holding thousands of patents tied to the AI race.

See the three stocks before the next wave of attention arrives. Free briefing, no credit card required.

Reveal the 3 Stocks

Larry Lepard says he's watched three bubbles burst from the inside, and last Thursday felt like number four.

He's a veteran investor and author of "The Big Print", one of the most articulate voices on monetary debasement.

Here's what he posted on the weekend:

In 2008 and 2020, the Fed answered the crash by cutting rates to zero and printing money.

This time inflation is in the way, with prices still rising 3.7% a year (September's reading).

So the Fed's been weighing a hike rather than a cut, and as of Thursday the market still put the odds of a December hike near 70%.

That leaves the buy-the-dip habit he's warning stock bulls about with no Fed rescue behind it, at least for now.

Bitcoin has been moving with tech stocks, and it fell about 5% on Thursday as the Nasdaq dropped 5.5%.

In March 2020, Bitcoin roughly halved in two days alongside stocks, then rode the Fed's rescue to nearly $29,000 by the end of the year.

Cathie Wood read the same week the other way, arguing that AI is speeding up productivity and the economy is on a stronger path than most investors think.

On Lepard's read, Bitcoin takes the first hit with stocks and only gets help once the Fed stops fighting inflation. 🎈

Let's kick off the week with a look at the Bitcoin HODL Waves, one of the clearest snapshots of market conviction.

Each coloured band represents the percentage of Bitcoin that last moved within a specific time frame.

The cooler the colour, the older the coins, with purple showing Bitcoin that hasn't moved in 10+ years.

Today we're focusing on long-term holders (LTHs), defined as coins held for more than six months.

Here's how the Bitcoin supply breakdown looks today compared to two weeks ago:

TL;DR: 79.56% of all Bitcoin has not moved in over six months. 💎

Down from 79.83% two weeks ago, a 0.27% drop that's bigger than last fortnight's 0.06% slip and well short of the 0.93% before that.

That's roughly 54,000 Bitcoin moving back under the six-month line, against about 12,000 last time.

The 6-12 month band lost 1.13%, while the 1-2 year band picked up 0.86% as coins last moved in the weeks after October 2025's record high turned a year old.

Coins that haven't moved in over two years still make up 48.93% of all Bitcoin, exactly where they sat a fortnight ago.

Count the 1-2 year band too and 64.50% of all Bitcoin hasn't moved in a year or more, up from 63.64%.

Long-term holders let a little go, and the share of Bitcoin over two years old didn't move. 💎

Binance users in some European countries told to pull crypto before fees kick in, with accounts closing by year end. Leftover balances will be charged 0.025% a month or 10 USDC, whichever is higher, from Nov. 29 after MiCA's transition period ended.

Vitalik Buterin says ETH should be valued as a store of value, not a fee-burning token. Buterin said the fee burn should stay, but holders shouldn't worry if it stays under 10% of the level needed to offset new issuance.

Ex-FBI counterintelligence agent stole almost $2.5M in crypto. Patrick Yaroch admitted making about 100 fraudulent transfers from wallets tied to 35 FBI investigations and faces up to 20 years in prison.

Apple Completes the Set: Every Magnificent Seven Stock Opts Out of OKX-ICE Venue. Apple and Meta were among 11 new objectors, taking the list to 67 companies, while Coinbase, Robinhood and Strategy haven't objected.

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