Key Takeaways
- MEXC Treasury ban: The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued an order on Nov. 6, 2026, that bars U.S. financial institutions from any transmittal of funds to or from MEXC Global.
- $16 billion: Treasury says MEXC Global facilitated at least $16 billion in illicit transactions from May 2021 to May 2026, tied to Iranian, North Korean and Russian sanctions evasion and cybercrime.
- Iran and Russia: Treasury also cited about $1 billion in direct transactions with more than 40 Iranian crypto exchangers and nearly $1.5 billion linked to Russian sanctions evasion.
- Timing: The order takes effect 30 days after it is published in the Federal Register.
The U.S. Treasury cut crypto exchange MEXC Global off from the U.S. financial system on Nov. 6, 2026. In a FinCEN order under Operation Economic Outcast, Treasury said MEXC Global facilitated at least $16 billion in illicit transactions tied to Iranian, North Korean and Russian sanctions evasion and cybercrime, including by transacting directly with sanctioned actors.
What the FinCEN Order on MEXC Global Does
Under section 9714(a) of the Combating Russian Money Laundering Act, the order bars U.S. banks and other financial institutions from sending money to or receiving money from MEXC Global, according to Treasury's announcement. Breaking it can bring civil or criminal penalties. The order takes effect 30 days after publication in the Federal Register, and it does not change existing Bank Secrecy Act duties, such as filing suspicious activity reports, or sanctions administered by Treasury's Office of Foreign Assets Control (OFAC).
"Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system," said Secretary of the Treasury Scott Bessent. "Treasury will continue to sever the Iranian regime’s economic lifelines and thwart its desperate attempts to circumvent U.S. sanctions using digital assets."
FinCEN has used this authority before. Its first order under section 9714 targeted the virtual currency exchange Bitzlato, which FinCEN tied to Russian illicit finance, and took effect Feb. 1, 2023, according to FinCEN.
MEXC Global's $16 Billion in Iran, Russia and North Korea Flows
Treasury detailed some of the flows. Over the five years to May 2026, MEXC Global traded roughly $1 billion directly with more than 40 Iranian crypto exchangers, some of them sanctioned. About $22 million more moved for the Central Bank of Iran and for the Islamic Revolutionary Guard Corps, including its Qods Force.
On Russia, Treasury counted nearly $1.5 billion tied to sanctions evasion, $232 million of it in direct dealings with entities sanctioned by the U.S., the EU or the U.K. That makes about 16% of the Russia-linked flows direct transactions with sanctioned entities. MEXC Global kept dealing with Garantex, a sanctioned Russian exchange, and its successor Grinex until at least June 2026, more than four years after OFAC designated Garantex in April 2022. Treasury also counted at least $26 million that benefited the A7 sanctions evasion network and almost $200 million connected to the A7A5 stablecoin.
Spread over five years, the $16 billion averages about $3.2 billion a year. Treasury says MEXC Global's anti-money laundering controls had severe deficiencies, even though the platform says it bars users in Iran and North Korea.
How Big MEXC Global Is and What Comes Next
Founded in 2018, MEXC Global handled more than $1 billion a day in transactions as of September 2026 and held about $5 billion in reserves, Treasury said. Treasury ranks it among the world's 20 largest crypto exchangers, with more than 3,000 cryptocurrencies and tokenized assets on offer. DefiLlama showed the exchange holding about $4.48 billion in total assets on Friday, Cointelegraph reported.
MEXC Global had not responded to Cointelegraph's request for comment by publication. Last month, Treasury designated Russia's A7 Network a transnational criminal organization and proposed cutting its front companies off from U.S. finance, Decrypt reported, flagging more than $179 billion in transactions through its ruble-backed A7A5 token.
People Also Ask
Why did the Treasury ban MEXC?
The U.S. Treasury cut off MEXC Global because FinCEN found the exchange facilitated at least $16 billion in illicit transactions from May 2021 to May 2026. Treasury tied those transactions to Iranian, North Korean and Russian sanctions evasion and to cybercrime.
When does the FinCEN order against MEXC Global take effect?
The FinCEN order against MEXC Global takes effect 30 days after it is published in the Federal Register. From then, U.S. financial institutions may not send funds to or receive funds from MEXC Global.
What kind of action did Treasury take against MEXC Global?
FinCEN issued an order against MEXC Global under section 9714(a) of the Combating Russian Money Laundering Act. Treasury said the MEXC Global order does not change existing Bank Secrecy Act duties or sanctions administered by OFAC.
Sources: U.S. Department of the Treasury, Decrypt, Cointelegraph, FinCEN, Watcher.Guru on X. Related: U.S. Department of the Treasury profile.