FinCEN issued an order cutting MEXC Global off from the U.S. financial system, barring U.S. financial institutions from processing funds transfers involving the exchange.

The Treasury agency said MEXC facilitated at least $16 billion in transactions connected to sanctions evasion involving Iran, North Korea and Russia, as well as cybercrime. It said the activity included direct transactions with sanctioned actors.

Treasury cited nearly $1.5 billion in transactions linked to Russian sanctions evasion between May 2021 and May 2026, including $232 million involving entities sanctioned by the United States, European Union and United Kingdom. The order was issued under Operation Economic Outcast.

Why it matters

  • The order restricts U.S. financial institutions’ ability to transfer funds involving the exchange.
  • Treasury’s figures describe alleged illicit transaction links; they are the agency’s stated basis for the action.