FinCEN ordered U.S. financial institutions to stop transmitting funds to or from crypto exchange MEXC Global, but the prohibition applies only once the restrictions take effect; the source gives no effective date. Treasury alleges that MEXC processed at least $16 billion in suspicious transactions between May 2021 and May 2026, including funds linked to sanctioned entities in Iran, Russia and North Korea.
Treasury said about $1.5 billion in transactions were connected to Russian sanctions evasion and about $1 billion directly involved more than 40 Iranian crypto exchanges. The allegations do not establish that every transaction Treasury called suspicious was illicit.
