U.S. Treasury Cuts Off MEXC From U.S. Financial System Over Alleged $16 Billion in Illicit Flows
By Micah Zimmerman
AI summary of the source article
FinCEN issued a final order prohibiting covered U.S. financial institutions from transferring funds or convertible virtual currency to or from crypto exchange MEXC Global. The action follows allegations that MEXC facilitated at least $16 billion in illicit flows.
Why it matters
Practically, once the order bites, U.S. banks, money transmitters and other covered firms cannot move dollars or crypto to MEXC wallets or accounts. Offshore users may keep trading peer-to-peer, but dollar on-ramps and any bank that still clears for MEXC become legal risk.
Key facts
- FinCEN designated MEXC Global a primary money laundering concern in connection with Russian illicit finance under the Combating Russian Money Laundering Act.
- Covered U.S. financial institutions will be barred from funds and virtual currency transfers to or from MEXC 30 days after Federal Register publication.
- The U.S. Treasury alleges MEXC processed at least $16 billion in illicit flows between May 2021 and May 2026, including funds linked to Iran, Russia, and North Korea.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine U.S. Treasury Cuts Off MEXC From U.S. Financial System Over Alleged $16 Billion in Illicit Flows FinCEN issued a final order under section 9714(a) that will bar U.S. financial institutions from sending or receiving funds with MEXC Global 30 days after Federal Register publication, citing at least $16 billion in alleged illicit activity. This post U.S. Treasury Cuts Off MEXC From U…