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FinCEN says MEXC handled $16bn in illicit crypto flows as US access cut

The US Treasury's FinCEN has ordered MEXC Global cut off from the American financial system, accusing the exchange of moving at least $16bn linked to sanctions evasion and cybercrime.

Why it matters: The order cuts a top-20 exchange off from US finance and extends a campaign that has already hit Russia's A7 Network and Iran's Nobitex.

InvestIn.News NewsDesk · 1 min read
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Picture from Decrypt for: FinCEN says MEXC handled $16bn in illicit crypto flows as US access cut
Image: Decrypt
Original reporting: Decrypt Staff, Decrypt

Key points

  • FinCEN says MEXC moved at least $16bn tied to illicit activity between May 2021 and May 2026, including nearly $1.5bn linked to Russian sanctions evasion.
  • The order bars US financial institutions from processing transfers to or from MEXC and takes effect 30 days after Federal Register publication.

The US Treasury's Financial Crimes Enforcement Network has ordered MEXC Global cut off from the US financial system, accusing the exchange of handling at least $16bn in illicit transactions linked to Iran, North Korea and Russia. FinCEN issued the order on 6 November under Operation Economic Outcast, a wider campaign against sanctions evasion, Decrypt reports.

The order bars US financial institutions from processing any transfers to or from MEXC, one of the world's 20 largest crypto exchanges. Treasury Secretary Scott Bessent said institutions face a choice between backing the Iranian regime and keeping access to US finance.

According to FinCEN, MEXC was founded in 2018, handles more than $1bn in daily transactions, holds around $5bn in reserves and lists over 3,000 tokens. Between May 2021 and May 2026 it moved at least $16bn connected to illicit activity, including nearly $1.5bn tied to Russian sanctions evasion and $232m in direct deals with sanctioned entities. The agency named it a "primary money laundering concern".

What to watch: The order takes effect 30 days after it is published in the Federal Register.

Read the full story on Decrypt

Live updates on NewsFeeds:RegulationDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

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