The US Department of the Treasury announced on 6 November 2026 that it is moving to block cryptocurrency exchange MEXC Global from accessing the US financial system, accusing the platform of handling at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illegal activities.
The action, taken by the Financial Crimes Enforcement Network (FinCEN) under Operation Economic Outcast, will prevent US financial institutions from sending or receiving funds involving MEXC Global.
According to the Treasury, MEXC Global processed at least $16 billion in suspicious and illicit transactions between May 2021 and May 2026, including funds linked to Iran, North Korea and Russia.
US Treasury Secretary Scott Bessent said the government would continue taking action against financial platforms that help sanctioned groups avoid US restrictions, particularly those connected to Iran.
Founded in 2018, MEXC Global is among the world’s 20 largest cryptocurrency exchanges. As of September 2026, the platform handled more than $1 billion in daily trading activity and held approximately $5 billion in reserves. It also offered access to more than 3,000 cryptocurrencies and tokenised assets.
Although MEXC Global claims to have anti-money laundering and customer verification measures in place, FinCEN said weaknesses in these controls allowed individuals and organisations in restricted countries to use the platform.
The Treasury reported that nearly $1.5 billion in transactions were linked to Russian sanctions evasion, including $232 million in direct transfers involving entities sanctioned by the US, European Union and United Kingdom.
The exchange also reportedly continued processing transactions involving sanctioned Russian crypto platform Garantex and its successor, Grinex, as recently as June 2026.
In addition, MEXC Global handled at least $26 million in transactions benefiting the sanctioned Russian A7 network and nearly $200 million connected to the A7A5 stablecoin, which US authorities say has been used to avoid sanctions.
The investigation also identified around $1 billion in direct transactions between MEXC Global and more than 40 Iranian cryptocurrency exchanges. Another $22 million was linked to the Central Bank of Iran and Iran’s Islamic Revolutionary Guard Corps, including its Qods Force.
FinCEN said the restrictions are intended to protect the US financial system from money laundering and other financial crimes involving sanctioned individuals and organisations.
Under the order, US financial institutions will be prohibited from processing any fund transfers to or from MEXC Global. The restrictions will take effect 30 days after the order is published in the Federal Register.
Financial institutions that violate the order could face civil or criminal penalties.
The Treasury also encouraged individuals with information about sanctions violations to report them through FinCEN’s whistleblower programme. Eligible individuals may receive financial rewards if their information leads to successful enforcement actions involving penalties of more than $1 million.
Featured image from: reddit.com