MEXC Cutoff & Square Rollout

Bitcoin traded at $74,061 at about 07:09 UTC on November 9, 2026, 41% below its $126,156 all-time high, after a November 8 close of $74,668. The weekly candle closed just under the 50-week average that the November 7 Read showed price resting on, the same level examined in the Coinjuice LIVE session on Bitcoin’s 75K line and the Paraguay lockout.

The louder story sits in the plumbing: the US Treasury moved to cut a top-20 exchange off from American finance, a crypto card provider leaked the link between customers’ homes and their wallets, and Square’s rollout of default Bitcoin payments reaches its stated finish line on November 10.

MEXC Cutoff: Treasury Moves to Cut a Top-20 Exchange From US Banks

What the order does, per the Treasury announcement and FinCEN’s order:

• The action: On November 6, FinCEN issued an order under section 9714(a) of the Combating Russian Money Laundering Act, finding MEXC Global of primary money laundering concern in connection with Russian illicit finance. Once in force, it prohibits US financial institutions from any transmittal of funds to or from MEXC Global, and violations can carry civil or criminal penalties.

• The timing: The order is not yet in force. FinCEN released it as a copy pending placement in the Federal Register, and it takes effect 30 days after publication.

• The size of the exchange: Treasury describes MEXC as one of the 20 largest crypto exchangers, processing more than $1 billion a day with about $5 billion in reserves as of September 2026, per Treasury’s release. Cointelegraph reports DefiLlama showed about $4.48 billion in MEXC assets on November 6.

• Treasury’s position: Secretary Scott Bessent said financial institutions “cannot have it both ways”, framing the order around Iran’s use of digital assets to evade sanctions. The order’s legal basis is Russian illicit finance, while Treasury’s allegations also cover Iran and North Korea.

What FinCEN alleges (allegations set out in the order, not findings of a court):

• The headline figure: Treasury says at least $16 billion in flows tied to Iranian, North Korean and Russian sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026; the order text puts it at $16.7 billion.

• Russia: Nearly $1.5 billion linked to Russian sanctions evasion, including $232 million in direct transactions with sanctioned entities. Treasury says MEXC still processed transactions with sanctioned exchange Garantex and its successor Grinex as late as June 2026.

• Iran: About $1 billion in direct transactions with more than 40 Iranian exchanges, plus about $22 million for Iran’s central bank and the Islamic Revolutionary Guard Corps, including its Qods Force.

• The company’s side: Cointelegraph reported on November 6 that MEXC had not responded to a request for comment. In a statement dated November 7, MEXC said it is reviewing the order with its legal and compliance teams, that it is operating normally and user assets remain secure, and that it has started an independent review of its anti-money laundering and sanctions controls.

A second warning from the same week:

• Gnosis Pay’s breach: Crypto debit card provider Gnosis Pay said it detected unauthorized access to its legacy consumer card system on November 3 and began containment within two hours, per Cointelegraph. It disclosed the breach on November 6.

• What was exposed: Breach notices reviewed by Cointelegraph list full card numbers, expiry dates, CVV codes, names, home addresses, linked wallet addresses and, in some cases, IBAN and BIC details. That fullest set comes from the notice Rotki founder Lefteris Karapetsas shared; Protos reports other users were told less was exposed, so it applies to at least some customers, not necessarily all.

• What was not: Gnosis Pay says customer funds and its enterprise card platform were not affected, per Decrypt. It has not said how many customers were hit, and no loss linked to the breach has been confirmed.

• What comes next: The affected consumer system is due to retire on December 20, 2026. Gnosis Pay says it will never ask customers for seed phrases, PINs or full card numbers, or ask them to move funds.

Square Rollout: Bitcoin Checkout Reaches Its November 10 Finish Line

What is scheduled:

• The rollout: Square began automatically enabling Bitcoin payments for eligible US sellers on March 30, 2026, with acceptance expected for all Square merchants by November 10, per Block’s Bitcoin product lead Miles Suter as reported by Cointelegraph.

• How it works: Sellers receive US dollars by default when a customer pays in Bitcoin, and can choose to keep a share of sales in Bitcoin. Square says merchants need no extra setup and do not have to hold Bitcoin.

• The terms: Square says Bitcoin payments carry zero processing fees through 2026. Businesses based in New York are excluded, per Cointelegraph.

• The reach: Cointelegraph’s November 2025 coverage put Square’s merchant network at about 4 million. That is potential reach, not usage; no figure for completed Bitcoin payments appeared in the sources reviewed.

What the largest US exchange’s results show about where crypto revenue now comes from:

• Trading is the weak line: Coinbase reported third-quarter transaction revenue of $590.2 million and total revenue of $1.216 billion, down 35% from a year earlier, per its results as summarized by Quiver Quantitative.

• Other lines carry more weight: Subscription and services made up 49% of net revenue, and prediction markets passed $200 million in annualized revenue, per Coinbase’s third-quarter results release.

Coinjuice’s read (interpretation, not reporting):

• A rail, not demand: Default acceptance with dollar settlement removes the merchant’s volatility and custody burden, long the main barrier to Bitcoin at the till. It does not by itself create shoppers who want to spend Bitcoin.

• The same direction from two ends: One order removes a venue from US rails; one rollout adds Bitcoin to rails millions of merchants already use. Washington moved to shut an exchange out of US finance as Square readied Bitcoin checkout.

Technicals: BTC Closes the Week Under Its 50-Week Average

Source: Indicators calculated on DefiLlama completed daily closes through November 8, 2026, against spot of $74,061 at about 07:09 UTC November 9.

• The 50-week line gave way: The weekly candle closed on November 8 at $74,795, 0.94% below the 50-week average of $75,502, per CryptoQuant closes. The November 6 and November 7 Reads had price sitting on that line, and the Coinjuice LIVE session on holding or selling Bitcoin in uncertain times singled it out as the level keeping the trend healthy.

• The next weekly reference: The 20-week average sits at $73,581, 1.65% under the November 8 close.

• The inflation week: The BLS schedule puts October CPI on November 10 and PPI on November 13, both at 8:30 a.m. ET. Treat both as volatility events, not calls on direction.

Moving Averages Across Timeframes

Source: Simple averages on CryptoQuant completed closes (all exchanges, BTC/$spot) through November 8, 2026, against the CryptoQuant November 8 close of $74,795. For technical analysis from a wide range of analysts, see the CryptoQuant QuickTake community.

• Above the slow lines, below the fast ones: Price holds above the 200-day, the 3D 50- and 100-period and the 20-week averages, and below the 20-, 50- and 100-day averages.

• The 3D gap: Price is 7.77% under the 3D 20-period average of $81,093, the area where the November 4 rally stalled.

Coinjuice Lens: Market Structure

The MEXC order arrived through an agency, not a vote. FinCEN used authority Congress had already granted in a Russia-focused money laundering law, and US institutions get 30 days to comply once the order is published in the Federal Register. That is the route Coinbase expects crypto rules to take after the midterms, as set out in Coinbase expecting SEC rules, not laws. For holders, the question is less about price and more about which rails their coins sit on, and whether those rails would still connect to a bank if a regulator stepped in. Washington moved to shut an exchange out of US finance as Square readied Bitcoin checkout.

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News Behind Today’s Read

• Operation Economic Outcast Severs MEXC Global’s Access to the U.S. Financial System (US Treasury). Source for the section 9714(a) order, the $16 billion figure, the Russia and Iran breakdown, the Bessent quote and the reserves figure.

• Imposition of Special Measure Prohibiting the Transmittal of Funds Involving MEXC Global (FinCEN). Source for the $16.7 billion figure, the Russian illicit finance basis and the effective date of 30 days after Federal Register publication.

• Gnosis Pay breach exposes card details, personal data and crypto wallet information (Cointelegraph). Source for the November 3 detection, the exposed fields and the Karapetsas notice; Protos reports other customers were told less was exposed.

• Crypto Card Provider Gnosis Pay Says Hackers Accessed Customer Data (Decrypt). Source for the unaffected funds and enterprise platform, and the December 20 retirement of the consumer system.

• Square rolls out Bitcoin payments at POS for eligible US merchants (Cointelegraph). Source for the auto-enabled rollout, the November 10 target, dollar settlement by default and zero fees through 2026.

Continue the read: Nov. 7 · Nov. 6 · Nov. 5 · Nov. 4

Market Snapshot

Data as of November 9, 2026, about 07:09 UTC. Source: DefiLlama.

This article was developed with the support of artificial intelligence tools as part of Coinjuice’s editorial process and reviewed by our editorial team before publication.

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