The United States Department of the Treasury has severed the access of the MEXC Global cryptocurrency exchange to the American financial system due to its involvement in sanctions evasion and connections to cybercrime syndicates, as first reported by Bleeping Computer.
The Financial Crimes Enforcement Network, known as FinCEN, issued an order stating that MEXC facilitated at least $16 billion in illicit transactions between May 2021 and May 2026. These activities included processing funds linked to ransomware, scams and darknet markets, alongside sanctions evasion for entities in Iran, North Korea and Russia. The Treasury Department highlighted that the exchange continued to process transactions with sanctioned Russian entities such as Garantex and Grinex as recently as June 2026. Furthermore, the exchange reportedly handled approximately $1 billion in direct transactions with more than 40 Iranian crypto exchangers. FinCEN attributed these failures to significant deficiencies in the platform's anti-money laundering and customer verification policies. This ban effectively exposes any U.S. financial institutions or individuals to potential enforcement actions if they engage in fund transfers with the exchange. In response, MEXC stated that it is reviewing the order with its legal team and has initiated an independent assessment of its compliance controls to address the regulatory concerns.
Source: Bleeping Computer
