US Bans MEXC Crypto Exchange Over Sanctions Evasion and Cybercrime Links
Summary
A FinCEN order cuts MEXC Global off from the U.S. financial system, citing at least $16 billion in transactions linked to cybercrime and sanctions evasion from May 2021 to May 2026. MEXC says it is reviewing its controls and operating normally.
Key points
- The U.S. Treasury's FinCEN order bars MEXC Global from the U.S. financial system; transfers to or from the exchange may expose U.S. institutions and individuals to secondary sanctions or enforcement.
- FinCEN says MEXC allowed at least $16 billion in transactions linked to cybercrime operations and Iranian, North Korean, and Russian sanctions evasion between May 2021 and May 2026.
- Treasury says MEXC was still processing transactions with sanctioned Russian entities Garantex and Grinex as recently as June 2026, and processed at least $226 million connected to the A7 sanctions evasion network.
- Treasury also cited ransomware and scam payments, darknet-market activity, and approximately $1 billion in direct transactions with more than 40 identified Iranian CVC exchangers.
- FinCEN attributed the activity to deficiencies in MEXC's anti-money laundering and customer identification and verification policies.
- MEXC says it is reviewing its sanctions and AML controls, has begun an independent review, and is operating normally with user assets secure.
Article Details
- Event Type
- U.S. Treasury and FinCEN action cutting MEXC Global off from the U.S. financial system over alleged sanctions evasion and links to cybercrime-related transactions.
- Impact
- According to FinCEN, MEXC allowed at least $16 billion in illicit transactions between May 2021 and May 2026, including transactions linked to cybercrime and Iranian, North Korean, and Russian sanctions evasion. The ban exposes U.S. financial institutions and individuals to potential secondary sanctions or enforcement actions for transfers to or from MEXC. MEXC said it was reviewing its controls and that it continued operating normally.
Products
Garantexthat, as recently as June 2026, MEXC was still processing transactions with sanctioned Russian entities Garantex and Grinex, and it also facilitated or processed at least $226 million in transactions benefiting orGrinexas June 2026, MEXC was still processing transactions with sanctioned Russian entities Garantex and Grinex, and it also facilitated or processed at least $226 million in transactions benefiting or connected toMEXC GlobalThe US Department of the Treasury has cut off the MEXC Global crypto exchange from the US financial system over sanctions evasion and links with cybercrime gangs.
Countries
Russiaand it also facilitated or processed at least $226 million in transactions benefiting or connected to the Russia-based, OFAC-sanctioned A7 sanctions evasion network.United StatesThe US Department of the Treasury has cut off the MEXC Global crypto exchange from the US financial system over sanctions evasion and links with cybercrime gangs.