FinCEN Orders U.S. Financial Firms to Block MEXC Transactions

The Financial Crimes Enforcement Network has ordered U.S. financial institutions to block transactions with MEXC, alleging the crypto exchange handled $16.7 billion tied to illicit activity over five years. FinCEN's Nov. 6 order links activity from May 2021 to May 2026 to illicit Russian finance, sanctions evasion and cybercrime, including transactions involving Iran and North Korea. It also identifies dealings with sanctioned Russian exchanges Garantex and Grinex. The restriction takes effect 30 days after the order's publication in the Federal Register and has no set expiration date. The new prohibition has not yet taken effect. MEXC said its legal and compliance teams are reviewing the order.

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