U.S. Treasury orders transfer ban targeting MEXC

The U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, issued the order on Nov. 6. It will take effect 30 days after publication in the Federal Register and could impose civil or criminal penalties for willful violations.

The order applies to U.S. financial institutions and covers transfers involving MEXC Global, a cryptocurrency exchange. FinCEN reviewed transactions processed from May 2021 through May 2026 and linked them to sanctions evasion, cybercrime and other unlawful activity.

Treasury attributed nearly $1.5 billion in MEXC transactions to Russian sanctions evasion. That amount included about $232 million in direct dealings with entities sanctioned by the United States, the European Union and the United Kingdom. Transactions involving the sanctioned Russian platforms Garantex and Grinex continued into June 2026, according to FinCEN.

The agency identified at least $26 million in transactions benefiting the sanctioned A7 network and nearly $200 million involving A7A5, a stablecoin Treasury described as a tool used by the network to evade sanctions.

MEXC processed about $1 billion in direct transfers with more than 40 Iranian exchanges, FinCEN found. About $22 million in transactions benefited Iran’s central bank and the Islamic Revolutionary Guard Corps, including its Qods Force.

FinCEN also cited transactions connected to North Korean sanctions evasion and cybercrime. The agency attributed the activity to weaknesses in MEXC’s anti-money-laundering controls, which allowed transfers involving jurisdictions restricted by the exchange.

In a statement, Treasury Secretary Scott Bessent said, “Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system.” He added that Treasury would continue targeting Iran’s financial networks and its use of digital assets to bypass U.S. sanctions.

The order is part of Operation Economic Outcast, a Treasury campaign launched in August to target financial networks that help Iran evade U.S. sanctions. MEXC held about $4.48 billion in total assets as of Nov. 6, according to DeFiLlama. The exchange had not publicly responded to requests for comment by publication.

Reviewed and fact-checked by Alex Panasenko on November 7.