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US Treasury moves to restrict MEXC over alleged $16b flows
The US Treasury moved to cut MEXC, a Seychelles-based cryptocurrency exchange, off from the US financial system. It alleged that MEXC handled at least US$16 billion linked to sanctions evasion, cybercrime, and other illicit activity involving Iran, North Korea, and Russia.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued the order under Section 9714 over MEXC’s alleged dealings in Russia.
Once effective, it will bar US financial institutions from sending funds to or receiving funds from MEXC, including crypto transfers, 30 days after publication in the Federal Register.
FinCEN alleged that MEXC processed nearly US$1.5 billion in Russian sanctions-evasion transactions between May 2021 and May 2026.
The agency also cited about US$1 billion in direct transfers to Iranian crypto exchanges.
MEXC said it is reviewing the order and continues to operate normally. The company announced in October that it would stop serving users in Russia and Belarus.
In 2023, FinCEN identified Bitzlato as a primary money laundering concern. A later Federal Register notice prohibited funds transfers involving the exchange.
🔗 Source: CoinDesk
