The U.S. Treasury has restricted transactions with MEXC Global over $16.7 billion in illicit activity, impacting its operations significantly.
The U.S. Department of the Treasury has ordered American financial institutions to cease all transactions involving the cryptocurrency exchange MEXC Global. This directive comes from the Financial Crimes Enforcement Network (FinCEN), which claims that MEXC facilitated at least $16.7 billion in activities linked to money laundering, sanctions evasion, and cybercrime.
MEXC has acknowledged the order and is currently reviewing it while launching an independent investigation into its anti-money laundering (AML) procedures.
Allegations Against MEXC
According to FinCEN, MEXC Global is classified as a significant money laundering threat due to its involvement in illegal financial operations concerning Russia. The agency estimates that between May 2021 and May 2026, the exchange played a role in moving at least $16.7 billion related to illegal activities, including sanctions evasion and connections to Russian darknet platforms.
FinCEN identified approximately $1.5 billion in direct and indirect connections to transactions circumventing Russian sanctions, with $232 million directly linked to entities under U.S., EU, or UK sanctions. Additionally, nearly $2 billion was associated with Iranian entities, and another $2 billion was tied to cybercriminal activities.
The agency noted that MEXC engaged in transactions with Russian exchanges such as Garantex and Grinex, continuing these interactions even after sanctions were imposed on these entities. Furthermore, FinCEN highlighted deficiencies in MEXC's customer verification and AML procedures, indicating that existing controls were insufficient to prevent a significant volume of suspicious transactions.
Details of the U.S. Restrictions
The new order prohibits U.S. financial organizations from conducting any transactions to or from MEXC Global, affecting both fiat and cryptocurrency dealings. This restriction will take effect 30 days after the official publication in the U.S. Federal Register, which is currently pending.
The ban applies to MEXC Global as well as its subsidiaries, branches, and offices outside the U.S., but does not extend to the American divisions of the exchange.
While this does not constitute a global ban on MEXC or an automatic freeze of user accounts, it complicates the exchange's operations within the U.S. financial infrastructure.
MEXC's Response
MEXC expressed awareness of the FinCEN order issued on November 6 and is working closely with its legal and compliance teams to address the situation. The exchange reassured users that operations are continuing normally and that their assets are secure.
MEXC is aware of the order issued by the U.S. Financial Crimes Enforcement Network (FinCEN) on November 6, 2026, and is reviewing it closely in coordination with our legal and compliance teams. MEXC is operating normally, and user assets remain secure. We take the concerns raised seriously and intend to engage constructively with FinCEN, as well as other relevant regulators and competent authorities worldwide. We have also begun an independent review of our AML and sanctions controls. We will continue to monitor the situation closely and provide further updates through our official channels.
— MEXC (@MEXC) November 7, 2026
The exchange also indicated its intention to collaborate with FinCEN and other regulatory bodies, promising to provide updates through official communications. Notably, in October, South Korean authorities approved the blocking of 27 unregistered cryptocurrency platforms, including MEXC.
