FinCEN Cuts Off MEXC Global From U.S. Financial System Over $16 Billion Illicit Flows: how 7 outlets framed it

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FinCEN issued a final order to cut MEXC Global from the U.S. financial system. Alleged at least $16 billion in illicit transactions linked to sanctions evasion and cybercrime.

FinCEN cuts off MEXC

The U.S. Treasury’s Financial Crimes Enforcement Network issued an order that cuts off virtual currency exchanger MEXC Global from the U.S. financial system over transactions it says are linked to sanctions evasion by Iran, North Korea and Russia.

FinCEN said the order prevents U.S. financial institutions from processing fund transfers involving Seychelles-incorporated MEXC Global, which it says has facilitated at least $16 billion in illicit transactions linked to Iran, North Korea and Russia.

The order bars covered institutions from sending or receiving funds involving MEXC once 30 days have passed after publication in the Federal Register, and it explicitly includes cryptocurrency transfers in the prohibition.

The order signed by FinCEN Deputy Director Jimmy L. Kirby frames the action as part of a wider push to keep entities tied to sanctions evasion out of the U.S. financial system, and Treasury Secretary Scott Bessent linked the choice to access to the U.S. financial system.

What the ban does

FinCEN’s order targets MEXC’s access to the American financial system, not its global exchange, and it bars covered U.S. institutions from transferring funds to MEXC after the Federal Register notice period. The order bars covered U.S. financial institutions from sending or receiving funds involving MEXC Global, convertible virtual currency included, and it reaches transfers through covered institutions rather than only dollar payments.

MEXC said withdrawals are still going through and that it has opened an independent review of its anti-money laundering and sanctions controls. The order is issued under Section 9714(a) of the Combating Russian Money Laundering Act, and it is described as a funds-transmittal restriction rather than an OFAC sanctions designation or a Section 311 proposed rulemaking.

Allegations and next steps

FinCEN’s findings allege that MEXC facilitated at least $16 billion in illicit flows from May 2021 through May 2026, including nearly $1.5 billion tied to Russian sanctions evasion and about $22 million linked to Iran’s Central Bank and the Islamic Revolutionary Guard Corps’ Qods Force. FinCEN said the platform was still processing trades with sanctioned Garantex and successor Grinex as recently as June 2026, more than four years after OFAC designated Garantex.

Treasury Secretary Scott Bessent said, “Either you support the Iranian regime, or you have access to theUSfinancial system,” and the action was described as part of Operation Economic Outcast. MEXC’s compliance posture is described in the order as having “severe deficiencies” in anti-money-laundering controls, and the order’s effect is tied to the Federal Register publication that starts the 30-day clock.