US Treasury Bars MEXC Crypto Exchange Over $16 Billion in Illicit Deals

The Treasury’s Financial Crimes Enforcement Network (FinCEN) reported that MEXC processed transactions involving sanctioned entities from Iran, Russia, and North Korea between May 2021 and May 2026. Official statements noted that approximately $1.5 billion of these transactions were connected to Russian sanctions circumvention.

This directive prohibits US financial institutions from engaging in money transfers involving MEXC. The restriction will come into force 30 days after its publication in the Federal Register.

"Financial institutions cannot support the Iranian regime while accessing the US financial system," said Treasury Secretary Scott Bessent. He emphasized the Treasury’s ongoing commitment to cutting off the economic resources of Iran and blocking its efforts to bypass US sanctions through digital assets.

The measure forms part of Operation Economic Outcast, a US Treasury campaign launched in August aiming to shut down financial networks that assist Iran in evading sanctions.

According to DefiLlama, MEXC held roughly $4.48 billion in assets on Friday. Efforts to obtain comment from MEXC were unsuccessful before publication.

The Treasury's action significantly impacts financial interactions involving MEXC, demonstrating an intensified effort to enforce sanctions and prevent digital asset platforms from supporting illicit activities.