FinCEN Blocks MEXC From U.S. Financial System Over $16.7 Billion in Alleged Illicit Flows

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) on Nov. 6 ordered U.S. financial institutions to stop sending money to or receiving money from MEXC Global, one of the world's 20 largest crypto exchanges.

FinCEN alleges the exchange moved $16.7 billion tied to sanctions evasion and cybercrime between May 2021 and May 2026, according to the order. MEXC handled more than $1 billion a day as of June 2026. Once the ban starts, a U.S. bank or crypto business covered by it cannot process a transfer to or from MEXC, and the order says that includes crypto transfers.

FinCEN Lays Out Russian, Iranian and North Korean Links

According to the order, MEXC:

• sent or received nearly $1.5 billion linked to Russian sanctions evasion, and still traded with the sanctioned Russian exchanges Garantex and Grinex as recently as June 2026
• had about $1.87 billion in transactions with exposure to Iran, including more than $1 billion directly with over 40 Iranian exchanges
• moved at least $1.99 billion to or from cybercriminals, including suspected ransomware payments

"Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system."

Treasury Secretary Scott Bessent said that in the department's press release.

MEXC Says Operations Continue

MEXC said it is reviewing the order with its legal and compliance teams. "MEXC is operating normally, and user assets remain secure," the exchange said, adding that it has begun an independent review of its anti-money laundering and sanctions controls.

The order notes that MEXC is incorporated in the Seychelles without a crypto license. Regulators in the Seychelles, Hong Kong and Japan have each flagged it for operating without a license.

The ban takes effect 30 days after the order appears in the Federal Register and has no end date. U.S. institutions that willfully break it face civil or criminal penalties. The order comes a month after FinCEN dropped its proposed crypto wallet and mixer reporting rules. The next date to watch is the Federal Register publication, which starts the 30-day clock.

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