US Treasury blocks MEXC over $16 billion flows
Key points
- The US Treasury has moved to cut MEXC Global off from the US financial system over alleged illicit transactions.
- The exchange allegedly facilitated at least $16 billion in illicit transactions between May 2021 and May 2026.
- The action targets transactions linked to Iranian, Russian and North Korean sanctions evasion, cybercrime and money laundering.
The US Treasury has moved to block MEXC Global's access to US financial networks over at least $16 billion in alleged illicit transactions.
The exchange allegedly facilitated transactions involving Iranian, Russian and North Korean sanctions evasion between May 2021 and May 2026.
“Treasury will continue to sever the Iranian regime’s economic lifelines,” US Treasury Secretary Scott Bessent said in a statement.
The Financial Crimes Enforcement Network (FinCEN) issued an order prohibiting US financial institutions from processing transfers involving MEXC.
The order falls under Section 9714(a) of the Combating Russian Money Laundering Act and takes effect 30 days after Federal Register publication.
Founded in 2018, MEXC processed more than $1 billion daily and held approximately $5 billion in reserves by September 2026.
The alleged activity included nearly $1.5 billion in Russian-linked transactions and approximately $1 billion involving Iranian cryptocurrency exchanges.
The order extends US financial restrictions against cryptocurrency channels allegedly facilitating sanctions evasion and other illicit transactions.
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