Summary
- The U.S. Treasury has restricted MEXC Global over $16 billion in alleged transactions linked to Iran, North Korea, and Russia.
- FinCEN identified serious weaknesses in MEXC Global’s anti-money laundering controls despite the exchange maintaining policies against prohibited financial activities.
- Washington’s enforcement campaign also targets Nobitex and BitBank, two Iranian cryptocurrency exchanges accused of facilitating transactions involving sanctioned entities.
The U.S. Treasury Department has restricted cryptocurrency exchange MEXC Global from accessing the American financial system over alleged illicit transactions. According to the Financial Crimes Enforcement Network (FinCEN), the exchange facilitated $16 billion in transactions linked to sanctioned jurisdictions.
The transactions allegedly involved Iran, North Korea, and Russia, raising concerns about the exchange’s compliance with American financial regulations. Federal authorities announced the restrictions on November 6, identifying MEXC Global as a significant money laundering concern. Treasury officials also identified serious weaknesses in the exchange’s anti-money laundering controls despite its publicly stated compliance policies.
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FinCEN Targets MEXC Global Over Sanctions Exposure and Weak Money Laundering Controls
FinCEN’s order highlights concerns about MEXC Global’s transaction monitoring practices and financial activities involving sanctioned jurisdictions. Investigators identified significant deficiencies in the exchange’s anti-money laundering systems, which allegedly allowed suspicious transactions to pass through its platform.
MEXC Global previously maintained that its compliance policies restricted users from prohibited jurisdictions, including Iran and North Korea. Nevertheless, Treasury officials determined that these safeguards failed to adequately address the financial risks identified during their investigation.
Consequently, the department moved to restrict the exchange’s access to American financial institutions through its enforcement authority. Treasury Secretary Scott Bessent emphasized that financial institutions cannot support sanctioned Iranian activities while maintaining access to American markets.
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Bessent also reaffirmed Washington’s commitment to disrupting financial networks helping Iran circumvent economic sanctions through cryptocurrency transactions. Significantly, the $16 billion figure represents transactions linked to identified jurisdictions, rather than confirmed criminal proceeds.
U.S. Treasury Expands Crypto Enforcement Against Sanctions Evasion Networks
The MEXC Global order follows several enforcement actions targeting cryptocurrency platforms allegedly facilitating financial transactions involving sanctioned entities. In June, American authorities sanctioned Iranian cryptocurrency exchange Nobitex over allegations involving the country’s digital asset transactions.
Treasury officials reported that Nobitex processed more than half of Iran’s cryptocurrency inflows during 2025. September brought additional restrictions against Iranian exchange BitBank over alleged Bitcoin transfers involving the Islamic Revolutionary Guard Corps.
These actions demonstrate Washington’s expanding enforcement campaign against cryptocurrency platforms suspected of enabling sanctions evasion. The latest restrictions also reinforce Treasury’s efforts to prevent sanctioned entities from accessing American financial infrastructure through digital assets.
Ultimately, the MEXC Global order strengthens restrictions on cryptocurrency transactions associated with sanctioned jurisdictions and suspected illicit financial networks.
