FinCEN Orders U.S. Institutions to Block Transfers to MEXC Global

The Financial Crimes Enforcement Network (FinCEN) ordered U.S. financial institutions to stop transferring funds to MEXC Global, a cryptocurrency exchange, a move that would cut the platform off from the U.S. financial system. The order takes effect 30 days after publication in the Federal Register.

FinCEN issued the directive under Section 9714(a) as part of Treasury's Operation Economic Outcast. The prohibition covers fund transfers between U.S. financial institutions and MEXC.

Treasury said MEXC facilitated at least $16 billion in transactions tied to sanctions evasion involving Iran, North Korea and Russia, as well as cybercrime, from May 2021 to May 2026. The alleged activity included about $22 million connected to Iran's central bank and the Islamic Revolutionary Guard Corps' Quds Force, and nearly $1.5 billion linked to Russian sanctions evasion. The period spans five years, and the cited Iran- and Russia-linked amounts are examples within the broader $16 billion total.