MEXC Faces US Financial Ban Over $16 Billion Cybercrime…
By Abdelaziz Fathi
AI summary of the source article
FinCEN has ordered US financial institutions to halt transfers involving cryptocurrency exchange MEXC Global over roughly $16.7 billion in suspected illicit transactions. MEXC stated that its trading, deposit, and withdrawal services currently remain operational.
Why it matters
Once effective, the prohibition could disrupt MEXC's access to US banking relationships, dollar payment channels and other financial intermediaries subject to American jurisdiction.
Key facts
- FinCEN ordered US financial institutions to stop processing fund transfers to or from Seychelles-based MEXC Global.
- The agency cited approximately $16.7 billion in suspected illicit transactions, including Russian sanctions evasion and Iranian cryptocurrency exchangers.
- The restrictions take effect 30 days after publication in the Federal Register and target access to US payment channels rather than freezing customer assets.
Source excerpt · FinanceFeeds
The US Treasury's Financial Crimes Enforcement Network (FinCEN) has ordered American financial institutions to stop processing transfers involving cryptocurrency exchange MEXC Global, citing approximately $16.7 billion in transactions linked to suspected illicit activity between May 2021 and May 2026. The November 6 action, issued under Section 9714 of the Combating Russian Money Laundering Act, i…