On November 6, the US Treasury’s Financial Crimes Enforcement Network announced an order prohibiting US financial institutions from processing funds transfers involving crypto exchange MEXC Global. FinCEN said its investigation identified at least $16 billion in transactions linked to illicit activity, including sanctions evasion and cybercrime. That figure is the agency’s allegation about transactions, not a measure of customer losses or a court finding against every MEXC user or counterparty.
The restriction targets US financial transfers; it does not mean every blockchain transaction involving the exchange has stopped. The order alone does not show how much of MEXC’s trading volume depends on US banks.
