FinCEN Orders U.S. Transfer Restrictions on MEXC

The U.S. Treasury’s Financial Crimes Enforcement Network has ordered covered U.S. financial institutions to stop transferring funds to or from cryptocurrency exchange MEXC Global, citing alleged links to at least $16 billion in illicit transactions. The restriction will take effect 30 days after the order is published in the Federal Register; it had not been published by Friday evening, November 6.

FinCEN said the transactions occurred between May 2021 and May 2026 and were linked to sanctions evasion, cybercrime and other illicit activity involving Iran, Russia and North Korea. The agency’s allegations are based on its order and are not independently established by the repeated reporting of the same agency findings.

FinCEN identified approximately $1 billion in direct transfers involving more than 40 Iranian cryptocurrency exchanges. It also cited about $22 million in transactions involving Iran’s central bank and the Islamic Revolutionary Guard Corps, including its Qods Force. The agency separately said nearly $1.5 billion was connected to Russian sanctions evasion, including dealings with sanctioned entities.

The order targets transfers handled by covered U.S. financial...