FinCEN Blocks MEXC’s Access to US Financial System Over Alleged Iran, North Korea, Russia Sanctions Evasion

Summary

• The Financial Crimes Enforcement Network (FinCEN) reportedly blocked cryptocurrency exchange MEXC from accessing the US financial system.
• FinCEN said MEXC was suspected of helping Iran, North Korea and Russia evade sanctions.
• The move restricted MEXC’s access to the US financial system, while the exact scope of the sanctions and MEXC’s position could not be confirmed.

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The US Financial Crimes Enforcement Network, or FinCEN, has reportedly blocked cryptocurrency exchange MEXC from accessing the US financial system. The move came amid allegations that the platform helped Iran, North Korea and Russia evade sanctions.

Cointelegraph reported on November 6 that FinCEN alleged MEXC facilitated transactions linked to countries under US sanctions.

FinCEN determined that MEXC helped Iran, North Korea and Russia evade sanctions and took related action, according to the report.

The measure has reportedly restricted MEXC’s access to the US financial system. The exact scope of the sanctions and MEXC’s response could not be confirmed.

JH Kim