Key Insights
- FinCEN says MEXC Exchange facilitated at least $16 billion in illicit transactions from 2021 to 2026.
- Russian-linked transactions neared $1.5 billion, including $232 million with sanctioned entities.
- MEXC processed about $1 billion in direct transactions with more than 40 Iranian exchanges.
The US Treasury has ordered U.S. financial institutions to stop processing funds transfers to or from MEXC Exchange.
FinCEN says the platform facilitated at least $16 billion in transactions linked to sanctions evasion, cybercrime, and other illicit activity. The transactions took place between May 2021 and May 2026, according to the order.
FinCEN issued the order under section 9714(a) of the Combating Russian Money Laundering Act. It says severe gaps in MEXC Global’s anti-money laundering controls allowed the transactions to pass through the platform.
The order’s findings cover several kinds of illicit activity, with Russian-linked transactions accounting for nearly $1.5 billion. That portion of the case includes both direct dealings with sanctioned entities and transactions tied to sanctions evasion networks.
MEXC Exchange Named in $16 Billion Case
Of the nearly $1.5 billion linked to Russian sanctions evasion, $232 million involved direct transactions with entities sanctioned by the United States, European Union, and United Kingdom.
FinCEN says MEXC continued processing transactions with Garantex and its successor, Grinex. The US Treasury had named Garantex in April 2022. The continued activity forms part of the agency’s stated concern about the exchange’s controls.
FinCEN also traced at least $26 million in transactions to the Russia-based A7 sanctions evasion network. Separately, it identified almost $200 million in transactions connected to the A7A5 stablecoin.
The A7 Network used the token as a store of value to help clients evade sanctions, according to the US Treasury. These figures sit within the larger $16 billion total, rather than adding to it.
The order’s findings extend beyond Russia. Between May 2021 and May 2026, MEXC Exchange sent or received about $1 billion in direct transactions with more than 40 identified Iranian crypto exchanges.
Some of those exchanges face U.S. or international sanctions. FinCEN also identified about $22 million in transactions involving Iran’s sanctioned central bank and the Islamic Revolutionary Guard Corps, including its Qods Force.
Beyond those Iran-linked transactions, Treasury cited activity involving North Korea, ransomware, scam payments, and darknet markets.
The order describes these as additional examples of the illicit finance connected to the platform. FinCEN’s case therefore spans multiple jurisdictions and transaction types. It says the weaknesses in MEXC’s controls allowed dealings involving people or entities in prohibited jurisdictions.
FinCEN Says MEXC’s Controls Fell Short
MEXC Global was founded in 2018 and ranked among the world’s 20 largest convertible virtual currency exchanges, according to Treasury. As of September 2026, it processed more than $1 billion in daily transactions and held about $5 billion in reserves.
The platform offered more than 50 currencies and access to over 3,000 cryptocurrencies and tokenized assets.
MEXC Exchange said it maintained anti-money-laundering and customer-identification policies. Its rules also prohibited use by or on behalf of people in certain jurisdictions, including Iran and North Korea.
What the U.S. Treasury Order Means for MEXC Exchange
The FinCEN order prohibits covered U.S. financial institutions from transmitting funds to or from MEXC Global.
Its scope covers specified foreign subsidiaries, branches, offices and successor entities. The order expressly excludes U.S.-based affiliates from its definition of MEXC Global.
The restrictions begin 30 days after Federal Register publication. Violations may expose covered financial institutions to civil or criminal penalties.
However, the order does not replace existing obligations under the Bank Secrecy Act. Financial institutions remain responsible for filing suspicious activity reports when applicable.
The measure also leaves sanctions administered by the Office of Foreign Assets Control in place. For MEXC Exchange, the restriction targets access to the U.S. financial system rather than directly prohibiting individual cryptocurrency ownership.
FinCEN also invited information about sanctions violations through its whistleblower incentive program. Eligible submissions can qualify for awards following successful enforcement actions involving monetary penalties exceeding $1 million. The next procedural milestone is Federal Register publication and the resulting effective date.
