FinCEN moves to cut MEXC Global off from US financial system

WASHINGTON, Nov. 6, 2026 — The Financial Crimes Enforcement Network issued the order as part of Operation Economic Outcast, targeting an exchange it said facilitated illicit financial activity connected to Iran, North Korea and Russia, including direct transactions with sanctioned actors. FinCEN.gov

The order invokes Section 9714(a) of the Combating Russian Money Laundering Act after finding MEXC Global to be a financial institution of primary money laundering concern in connection with Russian illicit finance. It prohibits covered U.S. financial institutions from sending or receiving funds, including cryptocurrency, to or from the exchange. The restrictions take effect 30 days after publication in the Federal Register and have no scheduled expiration. fincen.gov

Treasury said MEXC facilitated nearly $1.5 billion in transactions linked to Russian sanctions evasion between May 2021 and May 2026, including $232 million in direct transactions with entities sanctioned by the United States, European Union and United Kingdom. It alleged the exchange continued processing transactions with Garantex and its successor, Grinex, as recently as June 2026. U.S. Department of the Treasury

During the same five-year period, MEXC conducted approximately $1 billion in direct transactions with more than 40 identified Iranian cryptocurrency exchanges, Treasury said. It also allegedly facilitated approximately $22 million in transactions for Iran’s central bank, the Islamic Revolutionary Guard Corps and its Qods Force. Treasury attributed the activity to serious deficiencies in MEXC’s anti-money laundering controls despite its stated restrictions on users in Iran and North Korea. U.S. Department of the Treasury

The order covers MEXC’s overseas branches, subsidiaries, offices and successor entities. Existing Bank Secrecy Act requirements, including suspicious activity reporting, and OFAC sanctions obligations continue to apply. Willful violations of the order may expose covered institutions and their personnel to civil or criminal penalties.