MEXC faces $16B FinCEN action as U.S. sanctions eight Canadian firms

The U.S. Treasury has moved to restrict MEXC Global's access to the American financial system over at least $16 billion in alleged illicit cryptocurrency transactions while separately sanctioning eight Canadian money services businesses linked to Iranian financial networks. FinCEN accused MEXC of facilitating at least $16 billion in illicit transactions over five years. U.S. financial institutions face restrictions on transfers involving MEXC once FinCEN's order becomes formally effective. MEXC says withdrawals remain operational, while OKX has warned users against direct transfers from MEXC. Treasury sanctioned eight Canadian money businesses accused of processing cryptocurrency transactions linked to Iranian entities. FINTRAC reported revoking 161 money services business registrations in Canada since the beginning of 2026.

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