The U.S. Treasury Department announced a transfer ban targeting crypto exchange MEXC Global on Nov. 6. The order will bar U.S. financial institutions from processing transfers to or from the platform. Officials cited at least $16 billion in transactions linked to illicit activity.
How Treasury Linked $1.5B in MEXC Transfers to Russia
The Financial Crimes Enforcement Network (FinCEN) acted under Section 9714(a) of the Combating Russian Money Laundering Act. The ban takes effect 30 days after publication in the Federal Register. Willful violations can lead to civil or criminal penalties.
The tally covers May 2021 to May 2026. Treasury tied nearly $1.5 billion in MEXC transfers to Russian sanctions evasion. That included $232 million in direct dealings with entities under U.S., EU, and U.K. sanctions.
Transactions with sanctioned Russian platforms Garantex and Grinex continued into June 2026, the department said. It flagged at least $26 million benefiting the sanctioned A7 network. Nearly $200 million in transactions involved A7A5, a stablecoin the network used to evade sanctions.
Why Iran and North Korea Crypto Transfers Face Scrutiny
MEXC handled about $1 billion in direct transfers with more than 40 Iranian exchanges, according to Treasury. About $22 million in transactions benefited Iran’s central bank and the Islamic Revolutionary Guard Corps, including its Qods Force.
FinCEN cited North Korean sanctions evasion and cybercrime. It said weak anti-money laundering controls let MEXC process transfers involving jurisdictions it restricts. The order falls under Operation Economic Outcast, a Treasury campaign against networks that help Iran evade sanctions.
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