Payments Daily · Sunday, November 8, 2026Daily
PAY.NEWS
FinCEN Restricts MEXC’s Access to the U.S. Financial System
Citing suspected processing of up to approximately $16.7 billion in suspected illicit transactions, FinCEN ordered U.S. financial institutions to stop processing fiat or cryptocurrency transfers between themselves and MEXC Global. The prohibition is based on relevant provisions of the Countering Russian Money Laundering Act and will take effect 30 days after publication in the Federal Register.
Regulation & Compliance
FinCEN Restricts MEXC’s Access to the U.S. Financial System for Allegedly Processing $16.7 Billion in Illicit Funds
FinCEN ordered U.S. financial institutions to stop processing fiat or cryptocurrency transfers between themselves and MEXC Global, stating that the exchange processed up to approximately $16.7 billion in suspected illicit transactions during the relevant period. The prohibition is based on relevant provisions of the Countering Russian Money Laundering Act and must take effect 30 days after publication in the Federal Register; approximately $1.5 billion of this involved evasion of Russian sanctions. MEXC stated that user assets are safe and services are operating normally, while FinCEN’s independent A7 sub-agent restriction remains at the proposal stage.