FinCEN Moves to Cut MEXC Off From US Banks Over $16.7 Billion in Alleged Illicit Flows

The US Treasury’s Financial Crimes Enforcement Network has issued a final order finding the Seychelles-incorporated crypto exchange MEXC Global to be of primary money laundering concern in connection with Russian illicit finance, citing at least $16.7 billion in likely illicit activity between May 2021 and May 2026, including Russian and Iranian sanctions evasion, North Korean money laundering, ransomware and scams. Once the order takes effect, 30 days after publication in the Federal Register, US financial institutions will be barred from any funds transfers to or from MEXC.