The US Treasury has barred American financial institutions from sending or receiving funds from MEXC, including cryptocurrencies, as part of an anti-money-laundering measure. The order, issued by FinCEN, will take effect 30 days after its publication in the Federal Register and will cover MEXC subsidiaries in Seychelles, Estonia, Switzerland and the United Kingdom. According to the Treasury, MEXC facilitated at least $16 billion in illicit transactions between May 2021 and May 2026, including nearly $1.5 billion tied to sanctions evasion involving Russia and about $1 billion associated with Iranian platforms. Other flows involved A7A5, a rouble-backed stablecoin, North Korea and cybercrime. Unlike an OFAC designation, the decision does not directly block customers’ assets. MEXC says its services are operating normally, customer funds remain safe and an independent audit of its anti-money-laundering controls will be conducted.
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