The US Treasury issued an order on Friday to cut cryptocurrency exchange MEXC Global off from the US financial system, accusing it of facilitating at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity, according to Cointelegraph’s report published on Nov. 7, 2026, at 05:05:25 UTC+8.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) alleged that MEXC handled transactions involving sanctioned groups in Iran, Russia and North Korea between May 2021 and May 2026. According to the Treasury’s official press release, that included approximately $1.5 billion linked to Russian sanctions evasion.
Scope and timing of the restrictions
The order effectively prohibits US financial institutions from processing money transfers involving MEXC. It is scheduled to take effect 30 days after publication in the Federal Register, rather than immediately upon the announcement.
The action falls under Operation Economic Outcast, a Treasury campaign launched in August to cut off financial entities that help Iran evade sanctions.
“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 said. He added that Treasury would continue efforts to sever Iran’s economic lifelines and prevent sanctions circumvention using digital assets.
Exchange assets and response
MEXC held approximately $4.48 billion in total assets as of that Friday, according to DefiLlama data cited in the report.
Cointelegraph said it contacted MEXC for comment but had not received a response by publication. The transaction figures and descriptions of illicit activity remain allegations attributed to US authorities.
Source: Cointelegraph’s original report, published Nov. 7, 2026, at 05:05:25 UTC+8.