FinCEN issued a final order Friday barring MEXC Global from the U.S. banking system, citing the Treasury Department’s allegation that the platform was involved in at least $16 billion in illicit transfers. The ban will take effect 30 days after the notice is published in the Federal Register; as of Friday evening U.S. Eastern Time, the notice had not yet been published. U.S. financial institutions subject to the order will be prohibited from transferring funds to or receiving funds from MEXC, including convertible virtual currency. The Treasury Department alleges that MEXC helped evade sanctions involving Iran, North Korea, and Russia. This is a funds-transfer ban issued by FinCEN, not an OFAC sanctions designation. MEXC has not publicly responded to the order.