FinCEN named crypto exchange MEXC Global a primary money laundering concern on November 6 and barred US financial institutions from any transfer of funds to or from it. Treasury ties at least $16 billion in illicit transactions to the exchange since 2021, including Russian and Iranian sanctions evasion. The order takes effect 30 days after it appears in the Federal Register.
If you or your company keep money on MEXC, plan to move it out now. The US Treasury’s Financial Crimes Enforcement Network (FinCEN) on November 6 barred US financial institutions from sending or receiving any transfer of funds to or from MEXC Global, one of the 20 largest crypto exchanges in the world. The ban starts 30 days after the order is published in the Federal Register, and that date was not set when this was written.
What Treasury ordered
FinCEN found MEXC Global to be a “primary money laundering concern in connection with Russian illicit finance,” according to the Treasury announcement, part of what it calls Operation Economic Outcast. The order uses section 9714(a) of the Combating Russian Money Laundering Act and “prohibits U.S. financial institutions from engaging in any transmittal of funds from or to MEXC Global.” Violations can bring civil or criminal penalties. CoinDesk reports that MEXC is the largest crypto exchange targeted under this provision.
Treasury’s numbers, covering May 2021 to May 2026:
| What Treasury found | Amount |
|---|---|
| Illicit transactions in total | at least $16 billion |
| Linked to Russian sanctions evasion | nearly $1.5 billion |
| Of that, direct with US-, EU- and UK-sanctioned entities | $232 million |
| Direct with more than 40 Iranian crypto exchangers | about $1 billion |
| Tied to Iran’s central bank and the IRGC-Qods Force | about $22 million |
Treasury also says MEXC handled more than $1 billion in transactions a day and held about $5 billion in reserves as of September 2026, and that it served as a hub for North Korean sanctions evasion, ransomware and scam payments. It gives no dollar figure for those.
What MEXC says
According to CoinDesk, MEXC said it is reviewing the order, continues to operate normally and has started an independent review of its anti-money laundering and sanctions controls. MEXC posted a statement on the order.
What to do before the order takes effect
- Check your exposure. Look for balances on MEXC across company and personal accounts, including funds a contractor, treasury manager or market maker holds there for you.
- Withdraw early. Move assets to an exchange or custodian you can still bank with, or to a wallet you control. Don’t wait for the Federal Register date; the order already says what is coming.
- Tell finance. If vendors or customers pay you through MEXC, give them another route now.
- Watch the deadline. The 30-day clock starts when the order is published. This page will be updated with the date.
US crypto platforms are likely to cut MEXC first
The order names US financial institutions. Under the Bank Secrecy Act that term covers banks and money services businesses, and US crypto exchanges register with FinCEN as money services businesses. The likely effect: US exchanges and on-ramps block deposits from and withdrawals to MEXC addresses before the order takes effect, leaving funds on MEXC with fewer exits that connect to a US bank. That is an inference: Treasury has not said it, and no US exchange had announced a block at the time of writing. For another North Korea-linked crypto case this month, see the FBI’s attribution of the $6.43 billion Binance theft.