The Financial Crimes Enforcement Network (FinCEN) issued an order that will prohibit U.S. financial institutions from sending or receiving funds, including convertible virtual currency, to or from MEXC Global. The action follows findings that the exchanger is of primary money laundering concern in connection with Russian illicit finance and facilitated at least USD 16 billion in illicit transactions between May 2021 and May 2026. Deficiencies in anti-money laundering controls enabled transactions involving sanctioned actors despite the platform’s stated restrictions. Nearly USD 1.5 billion was linked to Russian sanctions evasion, including USD 232 million in direct transactions with sanctioned entities. MEXC Global also conducted approximately USD 1 billion in direct transactions with more than 40 identified Iranian convertible virtual currency exchangers. Approximately USD 22 million in transactions was associated with the Central Bank of Iran and the Islamic Revolutionary Guard Corps and its Qods Force. Issued under section 9714(a) of the Combating Russian Money Laundering Act as part of Operation Economic Outcast, the order extends to MEXC Global’s subsidiaries, branches, offices and successor entities outside the United States. Branches, subsidiaries and offices located in the United States are expressly excluded. Willful violations may result in civil or criminal penalties.
FinCEN orders U.S. funds transfer ban on MEXC Global over at least USD 16 billion in illicit transactions
The Financial Crimes Enforcement Network issued an order that will bar U.S. financial institutions from transferring funds, including convertible virtual currency, to or from MEXC Global. The action follows findings of at least USD 16 billion in illicit transactions connected to sanctions evasion and cybercrime, including nearly USD 1.5 billion linked to Russian sanctions evasion. The prohibition also covers the exchanger’s subsidiaries, branches, offices and successor entities outside the United States.