U.S. Treasury says MEXC Global facilitated at least $16 billion in illicit transactions from May 2021 through May 2026. On Friday, its Financial Crimes Enforcement Network issued an order that will bar covered U.S. financial institutions from sending funds to or receiving funds from the exchange.
Treasury’s Russian finding centers on MEXC transactions involving the sanctioned exchange Garantex and its successor, Grinex. FinCEN’s Section 9714 order covers MEXC’s subsidiaries, branches, offices and successors operating outside the United States. It takes effect 30 days after publication in the Federal Register.
Garantex dealings give the Russian finding its force
Treasury designated Garantex in April 2022. Its MEXC announcement says MEXC was still processing transactions involving Garantex and Grinex in June 2026, more than four years after the designation. That timing ties the order’s Russian finance finding to activity long after Garantex was sanctioned.
As set out in this order, MEXC Global has facilitated funds transfers by Russia-affiliated illicit actors and in connection with other Russia-associated illicit activities, including sanctions evasion, and activity facilitated by Russian darknet markets.
FinCEN, Section 9714 order
FinCEN used section 9714(a) of the Combating Russian Money Laundering Act to find MEXC a primary money laundering concern in connection with Russian illicit finance. The resulting measure prohibits covered U.S. financial institutions from transmitting funds to or from MEXC. Treasury says the measure leaves existing Bank Secrecy Act duties and sanctions administered by the Office of Foreign Assets Control unchanged.
The transaction figures show several routes through MEXC
Treasury’s figures cover overlapping types of activity, so they should not be added together. The amounts describe separate parts of its case, from transfers involving sanctioned Russian entities to direct transactions with Iranian exchanges:
- At least $16 billion: Transactions connected to sanctions evasion, cybercrime and other illicit activity from May 2021 through May 2026.
- Nearly $1.5 billion: Transactions linked to Russian sanctions evasion, including $232 million directly involving U.S., EU or UK-sanctioned entities.
- Almost $200 million: Transactions connected to A7A5, a stablecoin Treasury says the sanctioned A7 network used to help clients evade sanctions.
- Approximately $1 billion: Direct transactions with more than 40 identified Iranian crypto exchanges.
Treasury also identifies approximately $22 million in transactions for Iran’s sanctioned central bank, the Islamic Revolutionary Guard Corps and its Qods Force. It says MEXC facilitated at least $26 million in transactions benefiting the sanctioned A7 network.
The ban hits U.S. intermediaries even though MEXC is offshore
FinCEN’s order applies to covered U.S. financial institutions handling transfers involving MEXC, including its named current or former affiliates in Seychelles, Estonia, Switzerland and the United Kingdom. A covered institution cannot carry a transfer to or from MEXC through the U.S. system simply because the exchange operates offshore. Treasury says violations can bring civil or criminal penalties.
Treasury says MEXC handled more than $1 billion in daily transactions and held approximately $5 billion in reserves as of September 2026. The order targets an exchange of that size by restricting access to U.S. payment rails. It does not shut down MEXC’s trading platform worldwide.
The restriction also affects customers who try to move money through a covered U.S. institution. Once the order takes effect, that institution must reject the MEXC-linked route, regardless of whether the customer is using an offshore exchange account.
Seychelles users face a separate recovery limit
The Seychelles Financial Services Authority identified MX Global Ltd as MEXC’s operator. It said the company had never received the required virtual-asset licence or applied for one. The authority said it was pursuing enforcement measures and advised people with concerns to contact it or law enforcement in their jurisdiction.
That licensing finding limits one route for users seeking help recovering funds. Seychelles’ regulator says it cannot investigate or facilitate recovery through its supervision of licensed firms because MX Global Ltd is unlicensed. The U.S. order imposes a separate limit on institutions moving money to or from the exchange.
FinCEN’s submitted order says Federal Register publication is pending. Publication of the MEXC order starts the 30-day countdown to the transfer ban.
