TLDR
- FinCEN ordered US financial institutions to stop processing transfers involving crypto exchange MEXC Global.
- The Treasury says MEXC handled at least $16 billion in transactions tied to illicit activity.
- The activity involved groups in Iran, Russia and North Korea between May 2021 and May 2026.
- The order takes effect 30 days after it is published in the Federal Register.
- The move is part of Operation Economic Outcast, a Treasury campaign launched in August.
The US Department of the Treasury issued an order on Friday to cut MEXC Global off from the American financial system. The order came from the Financial Crimes Enforcement Network, known as FinCEN. It names the crypto exchange a money laundering concern.
🇺🇸 BREAKING: US Treasury orders crypto exchange MEXC banned from the US financial system over $16 BILLION in illicit funds.
Treasury says MEXC handled at least $16 BILLION tied to Iranian, North Korean and Russian sanctions evasion and cybercrime from May 2021 to May 2026.
Once… pic.twitter.com/FOq66CVB0s
— Coin Bureau (@coinbureau) November 6, 2026
The Treasury says MEXC facilitated at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity. FinCEN said the exchange handled transactions involving sanctioned groups in Iran, Russia and North Korea. The period covered runs from May 2021 to May 2026.
What the Order Does
The order bars US financial institutions from processing money transfers involving MEXC. It will take effect 30 days after it is published in the Federal Register. Until then, the rule is not in force.
MEXC is aware of the order issued by the U.S. Financial Crimes Enforcement Network (FinCEN) on November 6, 2026, and is reviewing it closely in coordination with our legal and compliance teams.
MEXC is operating normally, and user assets remain secure.
We take the concerns…
— MEXC (@MEXC) November 7, 2026
FinCEN said about $1.5 billion of the total was tied to Russian sanctions evasion. The agency did not tie the full $16 billion to one country in its release. It grouped the figure under sanctions evasion, cybercrime and other illicit activity.
Treasury also looked at the exchange’s own safeguards. MEXC says it keeps anti-money laundering controls. It also says it blocks users in countries including Iran and North Korea.
The Treasury said those controls had “severe deficiencies.” It said the order will protect the US financial system from illicit finance threats linked to MEXC. The department described those threats as serious.
Treasury Secretary Scott Bessent commented on the action in a statement. “Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system,” he said. He added that Treasury will keep working to cut the Iranian regime’s economic lifelines.
Bessent also said Treasury will work to stop attempts to get around US sanctions with digital assets. The department described those attempts as desperate. The statement did not name other exchanges that could face similar action.
Part of a Wider Campaign
The action falls under Operation Economic Outcast. Treasury launched the campaign in August. Its goal is to cut off financial entities that help Iran evade sanctions.
Treasury has targeted other crypto platforms over the past year. In June, it sanctioned Nobitex, Iran’s largest crypto exchange. Treasury said Nobitex processed more than half of Iran’s crypto inflows in 2025.
In September, the US sanctioned another Iranian exchange, BitBank. Treasury cited alleged bitcoin transfers to the Islamic Revolutionary Guard Corps. The sanctions came as the US remains in an ongoing conflict with Iran.
According to DefiLlama, MEXC held about $4.48 billion in total assets as of Friday. That figure reflects the exchange’s holdings when the order was announced. It is not tied to the $16 billion in alleged transactions.
Cointelegraph contacted MEXC for comment on the order. The exchange had not replied by the time of publication. The order will take effect 30 days after it appears in the Federal Register.
