The US Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order effectively cutting cryptocurrency platform MEXC Global off from the US financial system. The agency says the platform facilitated at least $16 billion in illicit transactions connected to sanctions evasion involving Iran, North Korea and Russia, as well as cybercrime.
The order bars US financial institutions from engaging in funds transfers to or from MEXC Global. It was issued under section 9714(a) of the Combating Russian Money Laundering Act. Violations may result in civil or criminal penalties. The order takes effect 30 days after publication in the Federal Register.
According to the Treasury, from May 2021 through May 2026 MEXC Global facilitated the movement of at least $16 billion connected to sanctions evasion, cybercrime and other illicit activity. Nearly $1.5 billion involved Russian sanctions evasion, including $232 million in direct transactions with entities sanctioned by the US, the European Union and the UK.
