The US Treasury’s Financial Crimes Enforcement Network, FinCEN, has barred US financial institutions from processing transfers involving MEXC Global. The regulator says its investigation identified at least $16 billion in transactions linked to illicit activity, including sanctions evasion and cybercrime. The measure targets the exchange’s banking relationships and does not mean that all blockchain transactions involving MEXC Global have stopped. FinCEN describes the $16 billion as transactions associated with illicit activity, not as customer losses or the value of missing assets. The order is part of Operation Economic Outcast, which focuses on sanctions-evasion networks.
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