Treasury Moves to Block MEXC From the U.S. Financial System

The U.S. Treasury has ordered financial institutions to stop processing transfers to or from crypto exchange MEXC Global. FinCEN says the exchange handled at least $16 billion in transactions linked to illicit activity from May 2021 to May 2026.

The agency linked the activity to sanctions evasion, cybercrime and sanctioned groups in Iran, Russia and North Korea. It said nearly $1.5 billion was tied to Russian sanctions evasion, including $232 million in direct transactions with sanctioned entities.

FinCEN said MEXC had “severe deficiencies” in its anti-money-laundering controls. The agency said the exchange transacted with sanctioned Russian exchanges Garantex and Grinex as recently as June 2026.

The order bars U.S. financial institutions from processing transfers involving MEXC and takes effect 30 days after publication in the Federal Register. Treasury issued it under a provision of the Combating Russian Money Laundering Act.

The action is part of Operation Economic Outcast, a Treasury campaign targeting financial entities accused of helping Iran evade sanctions. Treasury Secretary Scott Bessent said the department would continue efforts to disrupt the Iranian regime’s access to financial channels.