The U.S. Department of the Treasury announced that its Financial Crimes Enforcement Network (FinCEN) has issued an order that effectively severs MEXC Global’s access to the U.S. financial system.
MEXC Global is a convertible virtual currency (CVC) exchanger that has facilitated at least $16 billion in illicit transactions connected to Iranian, North Korean and Russian sanctions evasions. The company also has connections to cybercrime, the agency said, including by transacting directly with sanctioned actors.
“Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system,” Scott Bessent, the U.S. Treasury Secretary said. “Treasury will continue to sever the Iranian regime’s economic lifelines and thwart its desperate attempts to circumvent U.S. sanctions using digital assets.”
The order by FinCEN prevents U.S. financial institutions from processing funds transfers involving MEXC Global.
Officials said MEXC Global was founded in 2018, and as of September 2026, processed more than $1 billion in daily transactions while maintaining approximately $5 billion in reserves. FinCEN officials said the company is one of the top 20 largest CVC exchangers in the world. MEXC Global’s platform offers trading in more than 50 currencies and access to more than 3,000 different cryptocurrencies and tokenized assets. Although the platform claims to maintain anti-money laundering and customer verification policies, severe deficiencies in its AML controls have allowed it to facilitate transactions for individuals in prohibited jurisdictions including Iran and North Korea.
Officials allege that between May 2021 and May 2026, MEXC Global facilitated the movement of at least $16 billion in funds connected to sanctions evasion, cybercrime, and other illicit activity, including nearly $1.5 billion in transactions linked to Russian sanctions evasion, making MEXC Global of primary money laundering concern in connection with Russian illicit finance.
The Treasury Department also alleges that MEXC Global has also served as a hub for other types of illicit financial activity, including Iranian and DPRK sanctions evasion, ransomware and scam payments, and Russian and other darknet market activity
Officials said FinCEN’s action will protect the U.S. financial system from the significant illicit finance threats posed by MEXC Global.