Treasury Cuts Crypto Exchange MEXC Off From US Financial System
Summary
The U.S. Treasury’s FinCEN ordered U.S. financial institutions to stop processing transfers to or from MEXC Global, effective 30 days after Federal Register publication. It accused the exchange of moving at least $16 billion linked to illicit activity between May 2021 and May 2026, including Russian sanctions evasion, sanctioned entities, Iran’s central bank and the IRGC. FinCEN cited severe anti-money-laundering deficiencies and MEXC’s dealings with sanctioned Russian exchanges Garantex and Grinex. The action uses authority under the Combating Russian Money Laundering Act and forms part of a broader U.S. campaign against crypto-based sanctions evasion.
