The US Treasury’s Financial Crimes Enforcement Network has cut crypto exchange MEXC Global off from the American financial system. The Block and Decrypt reported on November 6 that FinCEN issued an order naming MEXC a primary money laundering concern in connection with Russian illicit finance. It bars US financial institutions from processing funds transfers to or from the exchange and takes effect 30 days after publication in the Federal Register, according to Decrypt.
Treasury alleges MEXC supported about $16 billion in transactions connected to Iran, North Korea and Russia. Decrypt, citing FinCEN, said at least $16 billion tied to illicit activity moved between May 2021 and May 2026, including nearly $1.5 billion linked to Russian sanctions evasion, $232 million in direct transactions with sanctioned entities, about $200 million tied to the A7A5 stablecoin and about $22 million benefiting Iran’s central bank and the Islamic Revolutionary Guard Corps. FinCEN also said MEXC kept transacting with sanctioned Russian exchanges Garantex and Grinex as recently as June 2026 and cited “severe deficiencies” in its controls. These are Treasury’s allegations, not findings tested in court.
MEXC says it maintains anti-money laundering controls and will block users in countries including Iran and North Korea, The Block reported. Decrypt did not include a MEXC statement. Treasury Secretary Scott Bessent said: “Either you support the Iranian regime, or you have access to the U.S. financial system.”
The action follows Treasury’s sanctions on Iran’s Nobitex exchange in June and on BitBank in September.
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