U.S. Treasury orders severing ties between MEXC and the U.S. financial system

on November 7, the U.S. Department of the Treasury announced that the Financial Crimes Enforcement Network (FinCEN) has issued an order prohibiting U.S. financial institutions from sending and receiving funds to or from cryptocurrency exchange MEXC Global. The order will take effect 30 days after publication in the Federal Register.

The Treasury stated that between May 2021 and May 2026, MEXC facilitated the transfer of at least $16 billion in funds related to sanction evasion, cybercrime, and other illegal activities, with nearly $1.5 billion of those transactions linked to circumventing Russian sanctions.

During the same period, MEXC directly transmitted approximately $1 billion to and from more than 40 Iranian cryptocurrency exchanges, and processed roughly $22 million in transactions for the Central Bank of Iran, the Islamic Revolutionary Guard Corps, and its Quds Force.