The US Department of the Treasury has cut off MEXC Global from the US financial system over sanctions evasion and links to cybercrime gangs. The order also points to activity tied to Iran, North Korea, and Russia, and MEXC says it is reviewing the action with its legal and compliance teams.
What the Treasury order says about MEXC
MEXC Global is a Seychelles-based crypto exchange founded in 2018. The company says it serves more than 40 million users in more than 170 countries and offers access to 3,000 cryptocurrencies and tokenized assets. According to a Financial Crimes Enforcement Network order, MEXC allowed illicit transactions worth at least $16 billion between May 2021 and May 2026.
The Treasury Department said that MEXC was still processing transactions with sanctioned Russian entities Garantex and Grinex as recently as June 2026. It also said the exchange facilitated or processed at least $226 million in transactions benefiting or connected to the Russia-based, OFAC-sanctioned A7 sanctions evasion network. The department also said MEXC had served as a hub for Iranian and DPRK sanctions evasion, ransomware and scam payments, and Russian and other darknet market activity.
How FinCEN tied the case to controls
FinCEN blamed the situation on weaknesses in MEXC’s anti-money laundering and customer identification and verification policies. The agency said the exchange had sent or received about $1 billion in direct transactions with more than 40 identified Iranian CVC exchangers between May 2021 and May 2026, and some of those exchangers are subject to U.S. and international sanctions.
The ban creates secondary sanctions or enforcement action risk for US financial institutions and individuals that transfer funds to or from MEXC Global. The Treasury action took effect through a FinCEN ban order.
MEXC’s response to the order
MEXC said its legal and compliance teams have started a review of its sanctions and AML controls. The company said it was aware of the FinCEN order issued on November 6, 2026, and that it was reviewing it closely with those teams.
MEXC also said it was operating normally and that user assets remain secure. It said it intended to engage constructively with FinCEN and other relevant regulators and competent authorities worldwide, and it said it had begun an independent review of its AML and sanctions controls.
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