US Treasury moves to cut MEXC Global off from American financial system

Bitcoin Magazine reported that FinCEN, part of the US Treasury, issued a final order on November 6 severing the offshore platform MEXC Global from US banking channels. The restriction starts 30 days after the Federal Register carries the notice, and during that period US firms subject to the rule may not send or receive funds, convertible virtual currency included, with the platform. Bitcoinist added that the measure is not a worldwide ban on MEXC and does not automatically freeze customer assets. The order names MEXC Global and several affiliates operating outside the United States, including entities in Seychelles, Estonia, Switzerland and the UK.

According to Bitcoin Magazine and Bitcoinist, Treasury claims the exchange enabled illicit flows totaling no less than $16 billion from May 2021 through May 2026. BeInCrypto put the total at $16.7 billion after reviewing the 24-page order. Bitcoinist said nearly $1.5 billion relates to Russian sanctions evasion, including about $232 million in direct transfers with sanctioned entities. Whereas Bitcoin Magazine put Iran-linked activity at roughly $22 million connected to Iran's central bank and the Qods Force, BeInCrypto counted direct transfers exceeding $1 billion involving 40-plus Iranian crypto exchanges. Treasury further claimed MEXC was still processing trades with Grinex, the successor to Garantex, as late as June 2026.

The publishers differ on framing. CoinDesk reported that the department framed the action as tied to its Iran campaign, although the order is grounded in alleged Russian illicit finance. Bitcoin Magazine noted that the order is not an OFAC sanctions designation and identified MEXC as a primary money laundering concern under a Russian money laundering law. BeInCrypto said MEXC's user agreement already bars American customers, and warned that foreign exchanges and banks could reconsider ties with MEXC. Bitcoin Magazine also reported that the Federal Register had not yet shown any MEXC document as of Friday evening, so the 30-day clock had not begun.

BeInCrypto pointed out that the order carries no set end date, while Bitcoin Magazine said firms bound by it could face civil or criminal penalties if they violate it willfully. The order was signed by FinCEN Deputy Director Jimmy L. Kirby, per Bitcoin Magazine. Whether MEXC's banking partners respond will shape how the restrictions affect its international operations, BeInCrypto said.