FinCEN orders cutoff of MEXC Global from U.S. financial system over $16 billion in illicit transactions

FinCEN's order, issued under the Combating Russian Money Laundering Act, bars U.S. financial institutions from transmitting funds to or from MEXC Global, effective 30 days after Federal Register publication, with civil or criminal penalties for violations. Treasury Secretary Scott Bessent said institutions must choose between supporting the Iranian regime and U.S. financial system access. The exchange, founded in 2018, processed over $1 billion daily and held roughly $5 billion in reserves. Between May 2021 and May 2026 it moved at least $16 billion in illicit funds, including nearly $1.5 billion tied to Russian sanctions evasion and roughly $1 billion with Iranian exchangers.

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