US Treasury Bans MEXC Exchange Over Alleged $16B in Illicit Transactions

On November 6, the US Treasury ordered cryptocurrency exchange MEXC cut off from the American financial system, with FinCEN prohibiting US financial institutions from sending or receiving funds involving MEXC, including crypto transfers, 30 days after Federal Register publication. A FinCEN order alleges MEXC handled about $16.7 billion in suspected illicit transactions from May 2021 to May 2026, including nearly $1.5 billion tied to Russian sanctions evasion and Garantex, more than $1 billion in transfers with over 40 Iranian exchanges, and about $350,000 for sanctioned North Korean money launderer Sim Hyon Sop in 2025. MEXC bars US customers, but the order targets how money moves through US institutions and does not automatically freeze customer assets or shut MEXC down globally.