FinCEN order cuts MEXC Global off from the U.S. financial system

FinCEN has issued an order that cuts MEXC Global off from the U.S. financial system.

The order is dated November 6. Treasury says the Financial Crimes Enforcement Network issued it under Operation Economic Outcast. The order prohibits U.S. financial institutions from engaging in any transmittal of funds from or to MEXC Global. It takes effect 30 days after publication in the Federal Register. Violations may result in civil or criminal penalties.

Treasury says MEXC moved at least $16 billion. From May 2021 to May 2026, the release says, MEXC facilitated at least $16 billion in funds connected to sanctions evasion, cybercrime, and other illicit activity. That includes Iranian, North Korean, and Russian sanctions evasion.

The Russian share is nearly $1.5 billion. The release says that includes $232 million in direct transactions with U.S.-, EU-, and UK-sanctioned entities. It says MEXC was still processing transactions with sanctioned Russian entity Garantex, and its successor Grinex, as recently as June 2026. It also says MEXC facilitated at least $26 million for the sanctioned A7 network and processed almost $200 million connected to the A7A5 stablecoin.

The Iranian share is about $1 billion. In the same period, the release says, MEXC sent or received approximately $1 billion in direct transactions with more than 40 identified Iranian exchangers. It facilitated approximately $22 million for the Central Bank of Iran and the Islamic Revolutionary Guard Corps and its Qods Force. The release says the central bank is sanctioned by the United States and the European Union, and that the Guard and its Qods Force are sanctioned by the United States, the United Kingdom, and the European Union.

Bessent drew a line. "Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system," said Treasury Secretary Scott Bessent.

The release describes the platform. MEXC was founded in 2018. As of September 2026 it processed more than $1 billion in daily transactions and held approximately $5 billion in reserves. Treasury says it is one of the top 20 largest convertible virtual currency exchangers.