US Treasury cuts off MEXC from financial system over $16B in illicit transactions

FinCEN issued an order barring US financial institutions from processing transfers involving MEXC, citing transactions linked to Iranian, Russian and North Korean sanctions evasion. The US Treasury Department announced Friday that its Financial Crimes Enforcement Network (FinCEN) issued an order effectively cutting off crypto exchange MEXC Global from the US financial system, citing at least $16 billion in transactions linked to illicit activity. The order prohibits US financial institutions from processing funds transfers to or from MEXC, following findings that the exchange facilitated transactions connected to Iranian, Russian and North Korean sanctions evasion, cybercrime and other illicit activity. According to Treasury, MEXC processed at least $16 billion in transactions associated with illicit finance between May 2021 and May 2026, including nearly $1.5 billion linked to Russian sanctions evasion. That activity included $232 million in direct transactions with entities sanctioned by the US, European Union and United Kingdom. Treasury said MEXC continued processing transactions involving sanctioned Russian exchange Garantex and its successor Grinex as recently as June 2026, d...