Home / Business and Economy / US Treasury Cuts Off Crypto Giant MEXC Global
US Treasury Cuts Off Crypto Giant MEXC Global
7 Nov
Summary
- US Treasury blocks MEXC Global from financial system.
- Allegations of $16 billion in illicit transactions.
- Links to Iran, Russia, and North Korea sanctions evasion.
The US Treasury's Financial Crimes Enforcement Network (FinCEN) has issued an order to cut cryptocurrency exchange MEXC Global off from the American financial system. This significant regulatory action, part of Operation Economic Outcast, is due to allegations that MEXC facilitated at least $16 billion in illicit transactions between May 2021 and May 2026.
These transactions are reportedly linked to sanctions evasion involving Iran, Russia, and North Korea, as well as cybercrime activities. Specifically, the Treasury noted nearly $1.5 billion in transactions connected to Russian sanctions evasion and approximately $1 billion in direct transactions with Iranian cryptocurrency exchanges. The order will take effect 30 days after publication in the Federal Register.
This measure prohibits US financial institutions from processing transfers to or from MEXC Global, though it is not a worldwide ban or an automatic freeze of all customer assets. The action highlights increased US scrutiny on digital assets used to circumvent traditional financial controls and underscores weaknesses in MEXC's anti-money-laundering controls.
