Treasury Orders US Banks to Halt Transfers to Crypto Exchange MEXC

The U.S. Treasury’s Financial Crimes Enforcement Network ordered U.S. financial institutions to stop processing transfers to or from cryptocurrency exchange MEXC Global, including digital-currency transfers; the ban takes effect 30 days after notice is published in the Federal Register and is not an OFAC sanctions designation. Treasury alleges MEXC facilitated at least $16 billion in illicit transactions from May 2021 to May 2026, including nearly $1.5 billion linked to Russian sanctions evasion and about $22 million benefiting Iran’s central bank and the IRGC’s Qods Force. The agency says MEXC also handled transactions involving sanctioned Russian exchanges Garantex and Grinex as recently as June 2026, and cites ties to North Korean sanctions evasion, cybercrime and other illicit activity. Treasury said MEXC’s anti-money-laundering controls had severe deficiencies and framed the action as part of a broader effort to disrupt sanctions evasion.