The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued an order under Section 9714(a) cutting off crypto exchange MEXC Global from the American financial system. Treasury Secretary Scott Bessent cited at least $16 billion in illicit transactions linked to Iran, Russia, and North Korea between 2021 and 2026. Taking effect 30 days post-Federal Register publication, the move under Operation Economic Outcast bars U.S. bank transfers to MEXC.
Illicit transaction findings against MEXC
- ▪FinCEN cited severe deficiencies in MEXC Global's anti-money-laundering controls, noting the exchange processed trades with sanctioned Russian platform Garantex and successor Grinex as recently as June 2026
- ▪FinCEN found MEXC Global processed at least $16 billion in illicit transactions between May 2021 and May 2026, including nearly $1.5 billion tied to Russian sanctions evasion
- ▪FinCEN alleged that MEXC Global facilitated approximately $350,000 for sanctioned North Korean money launderer Sim Hyon Sop in 2025
- ▪FinCEN alleged that MEXC Global processed approximately $1 billion in direct transfers involving more than 40 Iranian crypto exchanges between May 2021 and May 2026
- ▪FinCEN alleged MEXC Global processed $22 million benefiting Iran's central bank and the Islamic Revolutionary Guard Corps' Qods Force, alongside nearly $200 million connected to the A7A5 stablecoin
Broader Treasury anti-sanctions campaign
- ▪The order targeting MEXC Global forms part of Operation Economic Outcast, a U.S. Treasury campaign targeting financial networks supporting Iranian sanctions evasion activities
- ▪As part of Operation Economic Outcast, the U.S. Treasury designated Russia's A7 Network a transnational criminal organization and sanctioned Iranian crypto exchanges Nobitex and BitBank, the latter over alleged transfers to the IRGC
- ▪U.S. Treasury Secretary Scott Bessent stated that financial institutions must choose between supporting the Iranian regime or retaining access to the U.S. financial system
FinCEN order details
- ▪The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Section 9714(a) Combating Russian Money Laundering Act order prohibiting U.S. financial institutions from processing transfers with MEXC Global, effective 30 days after Federal Register publication
- ▪FinCEN designated MEXC Global as a primary money laundering concern in connection with Russian illicit finance under Section 9714(a) of the Combating Russian Money Laundering Act
International regulatory actions
- ▪The U.K. Financial Conduct Authority put MEXC Global Ltd on its warning list in March 2024 as unauthorized, while Seychelles' Financial Services Authority took action against MX Global Ltd in May 2026
- ▪Hong Kong's Securities and Futures Commission warned in March 2024 that MEXC Global was marketing to local investors without a licence
Story comments
Loading comments…