The Financial Crimes Enforcement Network has barred US financial institutions from processing transfers involving MEXC over at least $16 billion in transactions linked to illicit activity between May 2021 and May 2026. According to the US Treasury, these operations helped evade sanctions targeting Iran, Russia and North Korea, including $232 million in direct transfers involving sanctioned entities. MEXC also processed transactions with the Garantex and Grinex exchanges, as well as at least $26 million benefiting the sanctioned A7 network and nearly $200 million linked to the A7A5 stablecoin. The decision, issued under Operation Economic Outcast, will take effect 30 days after publication in the Federal Register, with financial institutions facing civil or criminal penalties for violations.
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