The Financial Crimes Enforcement Network (FinCEN), part of the United States Department of the Treasury, issued an order on November 6 preventing US financial institutions from processing funds transfers involving MEXC Global, a cryptocurrency exchange platform, according to the agency's statement.
FinCEN maintains that MEXC has facilitated at least $16,000 million in illicit transactions linked to the evasion of sanctions on Iran, North Korea and Russia and to cybercrime, including direct dealings with sanctioned actors. According to BleepingComputer, which cites the order, those transactions took place between May 2021 and May 2026, and the Treasury states that the platform has also been used for ransomware and scam payments.
The order will take effect 30 days after its publication in the Federal Register, according to Decrypt. MEXC, based in the Seychelles, has more than 40 million users in more than 170 countries, according to BleepingComputer.
MEXC has responded, according to BleepingComputer, that it is reviewing the order with its legal and compliance teams, that it is operating normally and that users' assets are secure, and that it has begun an independent review of its controls. The sources consulted do not specify what effect the order will have on the platform's users.
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