FinCEN has just dealt a devastating blow, officially “cutting off” MEXC Global from the U.S. financial system! The exchange is accused of facilitating at least $16 billion in illicit transactions since May 2021.
These transactions included $1.5 billion related to evading Russian sanctions and more than $1 billion sent directly to Iranian entities. This is not just an isolated accusation, but part of a major campaign called “Operation Economic Outcast.”
The ban will take effect in 30 days, preventing U.S. financial institutions from sending money to or receiving money from MEXC. Although it won’t shut down the exchange globally right away, this move is a major blow to MEXC’s liquidity and reputation.
This is a chilling warning to any CEX ignoring AML/KYC regulations. Authorities are tightening the screws, and no exchange is safe if it breaks the rules.
Are other exchanges worried and rushing to tighten their regulations?
#Crypto #FinCEN
These transactions included $1.5 billion related to evading Russian sanctions and more than $1 billion sent directly to Iranian entities. This is not just an isolated accusation, but part of a major campaign called “Operation Economic Outcast.”
The ban will take effect in 30 days, preventing U.S. financial institutions from sending money to or receiving money from MEXC. Although it won’t shut down the exchange globally right away, this move is a major blow to MEXC’s liquidity and reputation.
This is a chilling warning to any CEX ignoring AML/KYC regulations. Authorities are tightening the screws, and no exchange is safe if it breaks the rules.
Are other exchanges worried and rushing to tighten their regulations?
#Crypto #FinCEN