The US Department of the Treasury issued an order on Friday to cut cryptocurrency exchange MEXC Global off from the US financial system. The agency accused the platform of facilitating at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity.
The order effectively bans US financial institutions from processing money transfers involving MEXC. It will take effect 30 days after publication in the Federal Register.
Alleged links to sanctioned entities
The Treasury’s Financial Crimes Enforcement Network (FinCEN) asserted that MEXC handled transactions involving sanctioned groups in Iran, Russia and North Korea between May 2021 and May 2026. An official press release stated that around $1.5 billion in those transactions were linked to Russian sanctions evasion.
“Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system,” said Treasury Secretary Scott Bessent.
Part of broader sanctions campaign
The action is part of Operation Economic Outcast, a US Treasury campaign launched in August with aims to cut off financial entities that help Iran evade sanctions.
According to DefiLlama, the exchange held about $4.48 billion in total assets as of Friday. Cointelegraph contacted MEXC for comment but had not received a response by publication.
