In brief
- The U.S. Treasury’s FinCEN issued an order cutting MEXC Global, a top-20 crypto exchange, off from the U.S. financial system, accusing it of facilitating at least $16 billion in illicit transactions tied to sanctions evasion and cybercrime.
- FinCEN cited “severe deficiencies” in MEXC’s anti-money-laundering controls, noting it transacted with sanctioned Russian exchanges Garantex and Grinex as recently as June 2026.
- It extends a sanctions-evasion crackdown, from Russia’s A7 Network to Iran’s Nobitex.
The U.S. Treasury Department has moved to sever crypto exchange MEXC Global from the American financial system, accusing it of facilitating at least $16 billion in illicit transactions tied to Iran, North Korea and Russia.
In an order issued Friday through its Financial Crimes Enforcement Network, Treasury said MEXC, one of the world’s 20 largest crypto exchanges, served as a major conduit for sanctions evasion and cybercrime.
The action, part of a broader effort dubbed Operation Economic Outcast, bars U.S. financial institutions from processing any funds transfers to or from the exchange. It takes effect 30 days after publication in the Federal Register.
“Financial institutions cannot have it both ways: Either you support the Iranian regime,
