US Treasury Blocks MEXC Over $16B in Transactions Linked to Iran, Russia and North Korea

US Treasury moves to cut MEXC Global off from the US financial system over alleged illicit transactions.
FinCEN identified at least $16 billion in transactions linked to sanctions evasion and other illicit activity.
MEXC allegedly processed billions connected to Russian, Iranian and North Korean sanctions-evasion networks.
The U.S. Treasury Department is moving to cut crypto exchange MEXC Global off from the U.S. financial system after identifying at least $16 billion in illicit transactions linked to sanctions evasion, cybercrime, and other illegal activity involving Iran, North Korea, and Russia.
In response, MEXC said it is reviewing the order closely with its legal and compliance teams.
U.S. Treasury Moves to Block MEXC Global
Through its Financial Crimes Enforcement Network (FinCEN), the Treasury issued an order designating MEXC Global as a major money laundering concern under Section 9714(a) of the Combating Russian Money Laundering Act.
The order prohibits U.S. financial institutions from processing funds transfers involving MEXC Global. This also covers cryptocurrency movements connected to the exchange, effectively cutting it off from the U.S. financial system.
The Treasury said MEXC facilitated at least $16 billion in illicit funds between May 2021 and May 2026. The transactions allegedly involved sanctions evasion, cybercrime, ransomware, scams, and darknet market activity.
Treasury Secretary Scott Bessent said,
“Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system.”
MEXC Processed Billions Linked to Russia, Iran and North Korea
FinCEN said nearly $1.5 billion in transactions linked to Russia passed through MEXC. This included $232 million in direct transactions with groups sanctioned by the US, EU and UK.
MEXC also allegedly handled transactions involving sanctioned Russian exchange Garantex and its successor, Grinex, as recently as June 2026. Garantex was first sanctioned in April 2022.
FinCEN also found at least $26 million linked to Russia’s A7 network, which is accused of helping people avoid sanctions. Another $200 million was connected to the A7A5 stablecoin.
The activity was not limited to Russia. Between May 2021 and May 2026, MEXC reportedly handled around $1 billion in direct transactions with more than 40 Iranian crypto exchanges.
FinCEN also found about $22 million in transactions linked to Iran’s sanctioned central bank, the Islamic Revolutionary Guard Corps, and its Qods Force.
MEXC Responds to FinCEN Order
MEXC responded on X, saying it is aware of the FinCEN order and is reviewing it with its legal and compliance teams. The exchange added that it takes the concerns seriously and plans to work with FinCEN, other regulators, and authorities worldwide.
MEXC cofounder Vugar Usi said,
“I want to reassure our community that MEXC is operating normally, and user assets remain secure.”
The exchange added that it has started an independent review of its anti-money laundering (AML) and sanctions controls and will provide further updates through its official channels.
The enforcement order takes effect 30 days after publication in the Federal Register. Any violation could result in civil or criminal penalties, placing MEXC under significant pressure.
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