The U.S. Treasury Department says MEXC Global facilitated at least $16 billion in illicit transactions, and has issued an order restricting the exchange’s access to the U.S. financial system. The Financial Crimes Enforcement Network (FinCEN) action, announced under Operation Economic Outcast, bars U.S. financial institutions from processing funds transfers involving MEXC Global.
Treasury’s announcement of the order says the transactions were connected to Iranian, North Korean and Russian sanctions evasion, cybercrime and other illicit activity. The order is a financial restriction. It is not a criminal conviction of MEXC Global.
What MEXC Global’s Access Order Does
FinCEN issued the order under section 9714(a) of the Combating Russian Money Laundering Act. It prohibits U.S. financial institutions from engaging in any transmittal of funds from or to MEXC Global. The order becomes effective 30 days after publication in the Federal Register.
The agency said violations may result in civil or criminal penalties. The order itself is not a criminal conviction.
The action does not modify existing obligations under the Bank Secrecy Act, including Suspicious Activity Report filing requirements, or sanctions administered by the Office of Foreign Assets Control. Treasury said the measure is intended to protect the U.S. financial system from what it described as significant illicit finance threats posed by MEXC Global.
Treasury’s Allegations About MEXC Global
Treasury said MEXC Global was founded in 2018 and, as of September 2026, processed more than $1 billion in daily transactions and held approximately $5 billion in reserves. The exchange offers trading in more than 50 currencies and access to more than 3,000 cryptocurrencies and tokenized assets.
The department said that between May 2021 and May 2026, MEXC Global facilitated at least $16 billion in funds tied to sanctions evasion, cybercrime and other illicit activity. Treasury alleged this included nearly $1.5 billion in transactions connected to Russian sanctions evasion. Within that amount, it cited $232 million in direct transactions with entities sanctioned by the United States, European Union and United Kingdom.
Treasury also said MEXC Global processed transactions with Russian entities Garantex and its successor Grinex as recently as June 2026. Garantex had been designated by Treasury’s Office of Foreign Assets Control in April 2022, the department said.
Other Russian-related activity cited by Treasury included at least $26 million in transactions benefiting the Russia-based, OFAC-sanctioned A7 sanctions evasion network. The agency also reported almost $200 million in transactions connected to the A7A5 stablecoin, which it described as a store of value used by the A7 Network to help clients evade sanctions.
Iran-Linked Transactions and Next Steps
For the same May 2021 to May 2026 period, Treasury said MEXC Global sent or received approximately $1 billion in direct transactions with more than 40 identified Iranian cryptocurrency exchangers. Some of those exchangers, Treasury said, are subject to U.S. and international sanctions.
The department further alleged that MEXC Global facilitated approximately $22 million in transactions for Iran’s sanctioned Central Bank and the sanctioned Islamic Revolutionary Guard Corps and its Qods Force. Treasury also cited Iranian and North Korean sanctions evasion, ransomware and scam payments, and Russian and other darknet market activity.
Treasury said MEXC Global claims to maintain anti-money laundering and customer identification policies, and prohibits use by or on behalf of people in certain jurisdictions, including Iran and North Korea. The department alleges deficiencies in those controls allowed transactions involving prohibited jurisdictions.
The order’s practical effect begins after its Federal Register publication period: U.S. financial institutions will be prohibited from transmitting funds to or from MEXC Global. Treasury’s action places the exchange within a wider debate over financial controls for digital assets, including government digital finance strategy and blockchain’s financial partnerships. Related coverage has also examined cybersecurity and digital infrastructure.
