The U.S. Treasury has moved to cut cryptocurrency exchange, MEXC Global, off from the U.S. financial system accusing the platform of facilitating at least $16 billion in transactions linked to sanctions evasion, cybercrime, and other illicit activities.
The Financial Crimes Enforcement Network (FinCEN) said the transactions occurred between May 2021 and May 2026 and involved sanctioned actors in Iran, Russia, and North Korea.
The alleged activity included approximately $1.5 billion in transactions linked to Russian sanctions evasion, including $232 million in direct transactions with U.S., EU and UK-sanctioned entities.
FinCEN’s order prohibits U.S. financial institutions from processing fund transfers involving MEXC Global. The restriction takes effect 30 days after publication in the Federal Register.
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The action is part of Operation Economic Outcast, a Treasury initiative targeting financial networks accused of helping Iran evade U.S. sanctions.
MEXC, which reportedly processed more than $1 billion in daily transactions and held approximately $5 billion in reserves as of September 2026, had not responded to requests for comment at the time of publication.
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