The Financial Crimes Enforcement Network ordered Friday that offshore cryptocurrency platform MEXC Global be cut off from the U.S. banking system over alleged links to sanctions evasion involving Iran, North Korea and Russia. Thirty days after the order is published in the Federal Register, covered U.S. financial institutions will be barred from transferring funds, including convertible digital currencies, to or from MEXC. The Treasury Department alleges the platform facilitated at least $16 billion in illicit flows between May 2021 and May 2026, including nearly $1.5 billion tied to Russian sanctions evasion and about $22 million linked to Iran’s central bank and the Quds Force. The decision is not an OFAC sanctions designation but a funds-transmittal ban covering MEXC Global and several foreign affiliates. The platform serves more than 170 countries, including the United States, which it already lists as prohibited in its user terms, limiting the measure’s practical impact to banking partners, counterparties and dollar channels still connected to the U.S. financial system.
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