U.S. Treasury orders MEXC severed from U.S. financial system

TechFlow reports that on November 7, according to a U.S. Treasury announcement, the Financial Crimes Enforcement Network (FinCEN) has issued an order prohibiting U.S. financial institutions from sending or receiving funds to or from cryptocurrency trading platform MEXC Global. The order will take effect 30 days after publication in the Federal Register.

The Treasury said that from May 2021 to May 2026, MEXC helped move at least $16 billion in funds related to sanctions evasion, cybercrime and other illicit activities, with nearly $1.5 billion in transactions related to evading Russian sanctions.

During the same period, MEXC directly sent and received approximately $1 billion with more than 40 Iranian cryptocurrency exchanges, and processed approximately $22 million in transactions for the Central Bank of Iran, the Islamic Revolutionary Guard Corps and its Quds Force.

Source: TechFlow