On November 6, 2026, FinCEN issued an order effectively cutting off MEXC Global’s access to the U.S. financial system. MEXC Global is a convertible virtual currency (CVC) exchanger that has facilitated at least $16 billion in illicit transactions connected to Iranian, North Korean, and Russian sanctions evasion, as well as cybercrime.
MEXC Global is one of the world's 20 largest CVC exchangers, processing more than $1 billion in daily transactions and maintaining approximately $5 billion in reserves as of September 2026. Despite claiming to maintain AML and customer verification policies, significant deficiencies allowed the platform to facilitate at least $16 billion in transactions connected to sanctions evasion and other illicit activities between May 2021 and May 2026. Violations and illicit activities include Russian sanctions evasion, A7 sanctions evasion network, Iranian sanctions evasion, and other illicit activities such as facilitating transactions connected to North Korean sanctions evasion, ransomware, scams, and other darknet markets.
A covered financial institution is prohibited from engaging in any transmittal of funds from or to MEXC Global effective December 10, 2026, with no cessation date.
Read the Treasury’s press release here.
The Order can be found here.