Treasury Moves to Lock MEXC Out of American Banking After $16 Billion Allegation

Banks and payment firms in the United States will soon be unable to touch money moving to or from MEXC Global. FinCEN, the Treasury arm that tracks financial crime, announced the restriction on Friday, saying the exchange became a channel for at least $16 billion in questionable funds.

Why FinCEN Targeted MEXC Global

Sanctioned Countries Named in the Case

Regulators say that from May 2021 to May 2026, the platform handled payments tied to blacklisted actors in Iran, Russia and North Korea. Roughly $1.5 billion of the total was linked to Russia’s attempts to escape sanctions. Hackers and other criminal groups also used the exchange, according to the agency.

Operation Economic Outcast and the Iran Focus

Treasury Secretary Scott Bessent said any institution must pick a side: support Tehran or keep a place in the American system. The decision belongs to Operation Economic Outcast, a pressure campaign that began in August to stop Iran from using digital assets as a workaround.

When the MEXC Ban Starts

The measure becomes active one month after it appears in the Federal Register. MEXC reportedly held about $4.48 billion in assets on Friday and had not answered requests for comment.