💥The U.S. Treasury has taken direct action: MEXC, one of the world’s top 20 exchanges, handled at least $16 billion in illicit funds over five years.
On November 6, FinCEN ordered MEXC to be cut off from the U.S. financial system. From May 2021 to May 2026, MEXC handled at least $16 billion in illicit funds, nearly $1.5 billion of which was linked to evading Russian sanctions, while $232 million went directly to sanctioned entities.
Even more outrageous, as recently as June this year, MEXC was still doing business with the Russian exchange Garantex—which had been sanctioned for more than four years—and its successor. It also processed around $1 billion for more than 40 Iranian currency exchangers.
My take: this isn’t a fine—it’s a direct cutoff from the dollar system. The ban takes effect 30 days after its publication in the Federal Register, and U.S. banks will be barred from transferring even a cent to MEXC.
I’m watching two things: whether MEXC caves and makes changes in the 30-day window to seek an exemption, and whether this crackdown spreads to another major offshore exchange. If an exemption is granted, that would invalidate half of this assessment.
At the time of writing, Bitcoin was at $75,980 (-0.06%, live TradingView reading at 11:14).
Who do you think will be named next—another major offshore exchange, or will this be the end of the crackdown?
$BTC $ETH $SOL
#MEXC #FinCEN
On November 6, FinCEN ordered MEXC to be cut off from the U.S. financial system. From May 2021 to May 2026, MEXC handled at least $16 billion in illicit funds, nearly $1.5 billion of which was linked to evading Russian sanctions, while $232 million went directly to sanctioned entities.
Even more outrageous, as recently as June this year, MEXC was still doing business with the Russian exchange Garantex—which had been sanctioned for more than four years—and its successor. It also processed around $1 billion for more than 40 Iranian currency exchangers.
My take: this isn’t a fine—it’s a direct cutoff from the dollar system. The ban takes effect 30 days after its publication in the Federal Register, and U.S. banks will be barred from transferring even a cent to MEXC.
I’m watching two things: whether MEXC caves and makes changes in the 30-day window to seek an exemption, and whether this crackdown spreads to another major offshore exchange. If an exemption is granted, that would invalidate half of this assessment.
At the time of writing, Bitcoin was at $75,980 (-0.06%, live TradingView reading at 11:14).
Who do you think will be named next—another major offshore exchange, or will this be the end of the crackdown?
$BTC $ETH $SOL
#MEXC #FinCEN
