US Treasury Targets MEXC Global Over $16 Billion in Alleged Illicit Crypto Flows
The U.S. Treasury Department has ordered financial institutions to stop processing transfers involving cryptocurrency exchange MEXC Global. Regulators accused the platform of facilitating at least $16 billion in illicit transactions linked to sanctions evasion and cybercrime.
The Financial Crimes Enforcement Network (FinCEN) announced the action on November 6, 2026, under Operation Economic Outcast. The restrictions will take effect 30 days after publication in the Federal Register.
FinCEN Identifies Billions in Suspicious Crypto Transactions
According to the Treasury Department, MEXC Global processed at least $16 billion in transactions connected to illicit activity between May 2021 and May 2026.
The agency identified nearly $1.5 billion in transactions associated with Russian sanctions evasion. This included approximately $232 million in direct transfers involving entities sanctioned by the United States, European Union, and United Kingdom.
Furthermore, regulators identified roughly $1 billion in direct transactions involving more than 40 Iranian cryptocurrency exchanges. About $22 million allegedly benefited Iran’s central bank and the Islamic Revolutionary Guard Corps.
Authorities also linked MEXC to North Korean sanctions evasion, ransomware payments, cryptocurrency scams, and darknet market activity.
Weak Compliance Controls Raise Regulatory Concerns
Treasury officials accused MEXC Global of maintaining inadequate anti-money laundering controls despite publicly restricting customers from sanctioned jurisdictions.
The exchange reportedly continued processing transactions involving sanctioned Russian platform Garantex and its successor, Grinex, as recently as June 2026.
MEXC ranks among the world’s 20 largest cryptocurrency exchanges. According to Treasury figures, the platform processed more than $1 billion in daily transactions and maintained approximately $5 billion in reserves as of September 2026.
These findings highlight the challenges regulators face when monitoring offshore cryptocurrency exchanges operating across multiple jurisdictions.
US Restrictions Could Disrupt Exchange Operations
FinCEN issued the prohibition under Section 9714(a) of the Combating Russian Money Laundering Act. The measure prevents covered U.S. financial institutions from transmitting funds to or from MEXC Global.
Violations could result in civil or criminal penalties.
The restrictions could complicate banking relationships and payment processing for the exchange. They also demonstrate how U.S. authorities can target offshore cryptocurrency businesses through financial infrastructure restrictions.
However, the order does not automatically prohibit every cryptocurrency transaction worldwide involving MEXC.
The enforcement action signals growing regulatory pressure on cryptocurrency exchanges accused of facilitating sanctions evasion. Its broader impact will depend on how financial institutions implement the restrictions and how MEXC responds.
