US Treasury bars MEXC Global over $16 billion in illicit crypto transactions

The U.S. Treasury Department has ordered financial institutions in the country to sever ties with MEXC Global, a major cryptocurrency exchange accused of facilitating at least $16 billion in illicit transactions linked to sanctions evasion and cybercrime activities involving entities in Iran, North Korea, and Russia. The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury that oversees anti-money-laundering (AML) efforts, has categorized MEXC as a “primary money laundering concern” in connection with ongoing illicit financing from Russia. MEXC remains among the world’s 20 largest crypto exchanges by trading volume. Founded in 2018, the exchange processes more than $1 billion in daily transactions, holds approximately $5 billion in reserves, and offers trading of over 3,000 tokens.

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