Key Takeaways
Bitcoin Magazine reports the U.S. Treasury issued an order barring MEXC from the U.S. financial system over alleged illicit flows.
According to reporting by Bitcoin Magazine, the U.S. Treasury’s Financial Crimes Enforcement Network issued a final order cutting offshore exchange MEXC Global off from the American banking system. FinCEN found MEXC to be a primary money laundering concern linked to Russian illicit finance, alongside alleged connections to sanctions evasion by Iran and North Korea.
Bitcoin Magazine reported that the Treasury alleges MEXC facilitated at least $16 billion in illicit flows from May 2021 through May 2026. This includes nearly $1.5 billion tied to Russian sanctions evasion and about $22 million linked to Iran’s Central Bank and the Islamic Revolutionary Guard Corps’ Qods Force. Thirty days after publication in the Federal Register, covered U.S. financial institutions will be barred from funds transfers, including convertible virtual currency, to or from MEXC.
The order, signed by FinCEN Deputy Director Jimmy L. Kirby, covers MEXC Global and named affiliates operating outside the United States. MEXC ranks among the world’s 20 largest centralized crypto venues by volume, with daily turnover above $1 billion and reserves near $5 billion as of mid-2026.
Source & Fact-Check Note
https://bitcoinmagazine.com/news/fincen-cuts-off-mexc-us-financial-system
