Treasury's FinCEN cuts crypto exchange MEXC Global off from the US financial system

The US Treasury’s Financial Crimes Enforcement Network (FinCEN) on 6 November issued an order that bars US financial institutions from sending funds to, or receiving funds from, MEXC Global, a cryptocurrency exchange. Treasury announced the action as part of Operation Economic Outcast, its campaign against financing for the Iranian regime.

What Treasury says about MEXC Global

According to Treasury, MEXC Global facilitated at least $16 billion in transactions connected to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026, in some cases dealing directly with sanctioned parties. Treasury describes the platform, founded in 2018, as one of the top 20 largest crypto exchanges in the world. It says that as of September 2026 the exchange processed more than $1 billion in transactions a day, held about $5 billion in reserves and offered trading in more than 3,000 cryptocurrencies and tokenized assets.

Treasury says the platform’s own rules bar users in jurisdictions such as Iran and North Korea, but that severe weaknesses in its anti-money laundering controls let it process transactions for people and entities there anyway. The figures it cites include:

• nearly $1.5 billion linked to Russian sanctions evasion, of which $232 million was direct transactions with entities sanctioned by the US, EU and UK;
• transactions with the sanctioned Russian exchange Garantex and its successor Grinex as recently as June 2026;
• about $1 billion in direct transactions with more than 40 Iranian crypto exchanges;
• about $22 million in transactions for the Central Bank of Iran and the Islamic Revolutionary Guard Corps, including its Qods Force.

Treasury says this makes MEXC Global of primary money laundering concern in connection with Russian illicit finance.

“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.

What it means for traders

The order applies to US financial institutions, not directly to individual users. Once it takes effect, US banks and other covered institutions can’t process any transfer of funds to or from MEXC Global, and violations can bring civil or criminal penalties. Treasury says the order leaves existing Bank Secrecy Act duties, including suspicious activity reporting, and OFAC sanctions obligations unchanged. Before using any exchange, it’s worth checking how it’s regulated and who holds your assets: see our guide to crypto custody.

What happens next

The order was issued under section 9714(a) of the Combating Russian Money Laundering Act. It takes effect 30 days after it is published in the Federal Register.