Treasury orders U.S. transfer cutoff for MEXC over alleged $16B flows

On Nov. 6, the U.S. Treasury’s Financial Crimes Enforcement Network ordered a cutoff of U.S. financial transfers involving MEXC Global, alleging the exchange handled at least $16 billion tied to illicit activity. The Treasury announcement says the order bars U.S. financial institutions from sending funds to or receiving them from MEXC.

What does Treasury allege MEXC handled?

FinCEN says MEXC facilitated at least $16 billion in funds connected to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026. The agency says the activity included flows tied to Iran, North Korea and Russia, and transactions with sanctioned actors.

Treasury attributed nearly $1.5 billion to transactions linked to Russian sanctions evasion, including $232 million in direct transactions with entities sanctioned by the U.S., European Union or United Kingdom. It also said MEXC continued processing transactions with Russia’s sanctioned Garantex and its successor Grinex as recently as June 2026.

How will the order restrict transfers?

The order, issued under Section 9714(a) of the Combating Russian Money Laundering Act, prohibits U.S. financial institutions from transmitting funds to or from MEXC, according to Treasury. CoinDesk reported that the restriction includes crypto transfers and that the provision rests on MEXC’s alleged Russian illicit finance activity.

When does the cutoff take effect?

The order becomes effective 30 days after it is published in the Federal Register, Treasury said. Until then, the transfer prohibition is not yet in force; Treasury says violations after it takes effect may lead to civil or criminal penalties.

References

• Treasury announcement — home.treasury.gov
• reported — coindesk.com