US Treasury cuts off MEXC over alleged $16B in illicit transactions
Summary
The US Treasury ordered financial institutions to stop processing transfers involving MEXC, alleging the exchange facilitated at least $16 billion in transactions tied to sanctions evasion, cybercrime and other illicit activity. FinCEN cited dealings involving sanctioned groups in Iran, Russia and North Korea from May 2021 to May 2026, including about $1.5 billion linked to Russian sanctions evasion. The restriction takes effect 30 days after publication in the Federal Register and forms part of a Treasury campaign targeting entities that help Iran evade sanctions. MEXC had not responded to a request for comment. DefiLlama put the exchange’s assets at about $4.48 billion.
