The U.S. Treasury ordered banks and payment providers to cut ties with MEXC Global under Section 9714 of the Combating Russian Money Laundering Act. FinCEN alleges that the platform processed $16.7 billion in suspicious transactions between May 2021 and May 2026, involving Iran, Russia, North Korea and cybercriminality. The order, which takes effect 30 days after publication in the Federal Register, prohibits U.S. financial institutions from transferring funds to or from MEXC. The platform says withdrawals remain open and is launching an independent review of its anti-money-laundering controls, but its access to U.S.-issued stablecoins and liquidity providers could soon be restricted. FinCEN previously used the same provision against Bitzlato and PM2BTC, while Garantex and Huione Group faced comparable sanctions.
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