BREAKING: US Imposes Severe Sanctions on Major Cryptocurrency Exchange!

The US Treasury Department announced it has blocked cryptocurrency exchange MEXC Global from accessing the US financial system. Officials stated the exchange facilitated at least $16 billion in illicit financial transactions linked to circumventing sanctions against Iran, North Korea, and Russia.

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department has just announced new sanctions targeting MEXC Global. The decision, taken under Operation Economic Outcast, prohibits U.S. financial institutions from processing money transfers linked to MEXC Global.

According to the Treasury Department, MEXC Global facilitated at least $16 billion in transactions related to sanctions evasion, cybercrime, and other illegal activities between May 2021 and May 2026.

Billions of Dollars Worth of Transactions Linked to Iran and Russia Detected

U.S. officials stated that serious deficiencies in MEXC Global’s anti-money laundering and customer identity verification mechanisms allowed sanctioned individuals and entities to use the platform.

According to ministry data, the exchange conducted approximately $1 billion in direct transactions with more than 40 Iran-based cryptocurrency platforms during the five-year period. It was also alleged to have facilitated approximately $22 million in transactions linked to the Central Bank of Iran, the Iranian Revolutionary Guard, and the Quds Force.

Transactions linked to Russia also formed a significant part of the investigation. It was revealed that MEXC Global conducted approximately $1.5 billion in transactions related to circumventing sanctions against Russia, with $232 million of this amount directly involving sanctioned entities.

Authorities also reported that the exchange will continue to conduct transactions with Garantex and its successor Grinex, both of which are on the sanctions list, until June 2026.

U.S. Treasury Secretary Scott Bessent stated that financial institutions cannot both support the Iranian regime and have access to the U.S. financial system, adding that they will continue to fight against attempts to circumvent sanctions through digital assets.

US Financial Institutions Banned from Trading with MEXC

The decision published by FinCEN prohibits US financial institutions from facilitating fund transfers to or from MEXC Global. Institutions acting in violation of the decision may face legal or criminal penalties.

The regulation will take effect 30 days after its publication in the U.S. Federal Register.

Founded in 2018, MEXC Global was projected by the Treasury Department to have a daily trading volume exceeding $1 billion and approximately $5 billion in reserves by September 2026. The platform offered trading in over 3,000 cryptocurrencies and tokenized assets.