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Pallade Veneta - US Treasury order targets bank transfers linked to crypto exchange MEXC

US Treasury order targets bank transfers linked to crypto exchange MEXC

ECONOMY 09.11.2026
US Treasury order targets bank transfers linked to crypto exchange MEXC
US Treasury order targets bank transfers linked to crypto exchange MEXC

U. S.

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U.S. banks and other financial institutions would be barred from moving money to or from the crypto exchange MEXC Global under an order issued Friday by the Treasury Department's Financial Crimes Enforcement Network (FinCEN), CoinDesk reported. Treasury states the exchange moved at least $16 billion tied to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026.

The order has not yet taken effect. It starts 30 days after publication in the Federal Register, and NodeWitness reported that a search of the register on Sunday found no MEXC notice, so the clock has not started. FinCEN issued the order under section 9714(a) of the Combating Russian Money Laundering Act, based on information from the Treasury press release (U.S. Department of the Treasury). It bars covered U.S. institutions from any transmittal of funds from or to MEXC Global.

Violations can bring civil or criminal penalties, and the order leaves existing Bank Secrecy Act duties and sanctions rules unchanged. It is not a worldwide shutdown. Dealroom reported that it does not freeze customer deposits and targets only the exchange's access to U.S. financial intermediaries.

Treasury confirmed the move as part of Operation Economic Outcast, a campaign aimed at cutting Iran off from global finance. CoinDesk noted that section 9714 can be used only against foreign institutions tied to Russian illicit finance, so the order formally rests on MEXC's alleged Russian dealings. It is the largest exchange targeted under the law, CoinDesk reported.

"Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system," Treasury Secretary Scott Bessent stated in the Treasury statement (U.S. Department of the Treasury). Treasury's release rounds the total to at least $16 billion. FinCEN's order puts it at $16.7 billion, NodeWitness reported after reading the document.

On Russia, FinCEN cites almost $1.5 billion in exposure to sanctions evasion, including $232 million in direct transactions with entities sanctioned by the United States, the European Union and the United Kingdom. MEXC was still processing transactions with the sanctioned Russian exchange Garantex and its successor Grinex as recently as June 2026, Treasury stated. Garantex was designated in April 2022.

On Iran, Treasury states MEXC handled about $1 billion in direct transactions with over 40 Iranian crypto exchangers. It as well cites about $22 million for the Central Bank of Iran and the Islamic Revolutionary Guard Corps and its Qods Force. This came despite a MEXC policy barring users in Iran.

NodeWitness added figures from the order itself. They include about $350,000 received by North Korean financial facilitator Sim Hyon Sop between June and September 2025, and at least $1.99 billion tied to cybercrime. MEXC was founded in 2018 and is incorporated in the Seychelles. As of September 2026 it processed over $1 billion in daily transactions and held roughly $5 billion in reserves, Treasury stated.

It ranks among the 20 largest exchanges worldwide and offers over 3,000 cryptocurrencies and tokenized assets. MEXC stated on X that it is reviewing the order with its legal and compliance teams, based on information from a TradingView summary of the posts. It stated it is operating normally and user assets remain secure.

The exchange has as well started an independent review of its anti-money-laundering and sanctions controls. The next step is the Federal Register notice. NodeWitness stated FinCEN has reserved the power to attach conditions or grant exemptions.

O.Pileggi--PV

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