The order bars covered US financial institutions from making transfers involving MEXC and takes effect 30 days after Federal Register publication. Treasury alleges MEXC facilitated at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity.
The US Financial Crimes Enforcement Network (FinCEN) has ordered covered US financial institutions not to transmit funds to or from MEXC Global, including cryptocurrency transfers. The 6 November 2026 order takes effect 30 days after it is published in the Federal Register, the official record of federal rules and notices.
CryptoSlate reported that the order has no scheduled expiration date and that FinCEN retains authority to grant exemptions.
The restriction applies to transfers through covered US institutions; it does not shut down MEXC internationally or automatically freeze customer assets. Violations may bring civil or criminal penalties, the Treasury Department said. The order leaves existing requirements to report suspicious activity and comply with US sanctions unchanged.
MEXC is based in Seychelles and was founded in 2018. The exchange serves more than 40 million users in more than 170 countries, BleepingComputer said.
Treasury alleges that MEXC facilitated at least $16 billion in transactions connected to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026. It says the activity included Russian, Iranian and North Korean sanctions evasion, ransomware and scam payments, and transactions involving darknet markets.
Treasury says MEXC continued processing transactions with sanctioned Russian exchange Garantex and its successor Grinex as recently as June 2026. Treasury attributes the illicit activity to serious weaknesses in MEXC’s anti-money-laundering controls, even though the exchange says it has customer identification policies and bars users in certain jurisdictions, including Iran and North Korea.
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MEXC said it was operating normally and that user assets remained secure. It said its legal and compliance teams were reviewing the order and that it had begun an independent review of its anti-money-laundering and sanctions controls.
Treasury said it issued the order under section 9714(a) of the Combating Russian Money Laundering Act. MEXC said it intends to engage with FinCEN and other relevant authorities as it reviews the action.
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