FinCEN Orders U.S. Firms to Block Transfers Involving MEXC
FinCEN ordered U.S. firms to block transfers involving MEXC over at least $16 billion in alleged illicit flows; the restriction takes effect after Federal Register publication.
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FinCEN on Nov. 6 ordered U.S. financial institutions to stop transferring funds to or from MEXC Global, citing at least $16 billion in alleged illicit transactions. The Treasury announcement said the action is part of Operation Economic Outcast and targets the exchange’s access to the U.S. financial system.
What transactions did FinCEN cite?
The agency said MEXC facilitated the flows between May 2021 and May 2026, linking them to Russian, Iranian and North Korean sanctions evasion, cybercrime and other illicit activity. Treasury said the total included nearly $1.5 billion tied to Russian sanctions evasion, including $232 million in direct transactions with entities sanctioned by the United States, European Union and United Kingdom.
Treasury also said MEXC sent or received about $1 billion in direct transactions with more than 40 identified Iranian crypto exchanges. It cited about $22 million in transactions for Iran’s sanctioned central bank and the Islamic Revolutionary Guard Corps and its Qods Force.
How does the order restrict MEXC?
The order prohibits U.S. financial institutions from transmitting funds to or from MEXC, under Section 9714 of the Combating Russian Money Laundering Act. FinCEN’s order identifies MEXC as a foreign financial institution of primary money-laundering concern in connection with Russian illicit finance.
Treasury said MEXC processed more than $1 billion in daily transactions and held about $5 billion in reserves as of September 2026. The agency’s figures describe the exchange’s scale; the $16 billion figure refers to transactions Treasury alleges were connected to illicit activity.
When will the restriction take effect?
The order takes effect 30 days after its publication in the Federal Register, Treasury said. The order document was submitted for publication and was pending public display when FinCEN released it.
Until the effective date, U.S. financial institutions remain subject to existing Bank Secrecy Act reporting requirements and applicable sanctions, according to the order. The restriction will begin after the Federal Register publication and the 30-day period that follows.
Source material
- Treasury announcement — home.treasury.gov