The U.S. Treasury’s Financial Crimes Enforcement Network issued an order on Nov. 6, 2026, that Treasury said cuts crypto exchange MEXC Global off from the U.S. financial system¹.

Treasury said the order, issued under section 9714 of the Combating Russian Money Laundering Act as part of Operation Economic Outcast, prohibits U.S. financial institutions from processing funds transfers involving MEXC and takes effect 30 days after publication in the Federal Register¹.

Treasury alleged that between May 2021 and May 2026 the platform facilitated at least $16 billion in transactions connected to Iranian, North Korean, and Russian sanctions evasion, as well as cybercrime¹. It cited nearly $1.5 billion linked to Russian sanctions evasion, including activity with OFAC-sanctioned Garantex and successor Grinex as recently as June 2026, and about $1 billion in direct transactions with more than 40 identified Iranian crypto exchangers¹.

Treasury Secretary Scott Bessent said, “Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system”¹.

CoinDesk reported that although Treasury framed the action under its Iran campaign, Section 9714 can be used only against foreign institutions tied to Russian illicit finance, so the order formally rests on the alleged Russian dealings². CoinDesk also said MEXC is the largest crypto exchange targeted under that provision².

MEXC said it is aware of the FinCEN order, is operating normally, that user assets remain secure, and that it has begun an independent review of its anti-money-laundering and sanctions controls³.

ABA Banking Journal, summarizing Treasury, said FinCEN labeled MEXC a primary money-laundering concern and that the exchange is headquartered in Seychelles⁴.

Whether non-U.S. banks will follow the cutoff, and whether FinCEN will amend the order before it takes effect, is not established in these sources^1,2,3.