FinCEN cuts crypto exchange MEXC off from the US financial system

The US Treasury's Financial Crimes Enforcement Network (FinCEN) on November 6 ordered US financial institutions to stop sending funds to or receiving funds from the crypto exchange MEXC Global, Treasury said. The ban takes effect 30 days after the order is published in the Federal Register, which had not happened as of November 9; Treasury said the order effectively cuts MEXC off from the US financial system.

What Treasury says MEXC did

Treasury said MEXC processed at least $16 billion in funds linked to illicit activity between May 2021 and May 2026. The figures it cited include:

• Russia: nearly $1.5 billion tied to Russian sanctions evasion, including $232 million in direct transactions with entities sanctioned by the US, the EU, and the UK.
• Iran: about $1 billion in direct transactions with more than 40 identified Iranian crypto exchangers, and about $22 million for the Central Bank of Iran and the Islamic Revolutionary Guard Corps and its Qods Force.
• The A7 network: at least $26 million for the sanctioned A7 network and almost $200 million tied to the A7A5 stablecoin.

Treasury said MEXC was still processing transactions with Garantex, an exchange sanctioned in April 2022, and its successor Grinex as recently as June 2026.

"Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system," Treasury Secretary Scott Bessent said.

MEXC had not responded to a request for comment from Cointelegraph by the time of its November 6 report, Cointelegraph said.

What the order does

The order prohibits US financial institutions from engaging in "any transmittal of funds from or to MEXC Global," Treasury said. It does not change banks' other obligations under the Bank Secrecy Act, such as filing suspicious activity reports, or existing sanctions rules. It takes effect 30 days after it is published in the Federal Register.

Why it matters

Losing access to US banks and payment providers makes it harder for MEXC, and for counterparties that deal with it, to move dollars. The order covers the whole exchange, including its foreign subsidiaries and successors, rather than individual wallets or people.

What it could mean for traders

Once the order takes effect, US banks and payment firms must stop handling transfers to and from MEXC. Market makers and other firms that move funds through US institutions may reduce their activity on the exchange, which can affect liquidity and spreads there. The Federal Register publication date will set the deadline.