FinCEN restricts MEXC’s access to the US financial system over alleged processing of $16.7 billion in illicit funds

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FinCEN has ordered US financial institutions to stop processing fiat or cryptocurrency transfers involving MEXC Global, saying the exchange processed up to approximately $16.7 billion in suspected illicit transactions during the relevant period. The ban is based on relevant provisions of the Countering Russian Money Laundering Act and will take effect 30 days after publication in the Federal Register; approximately $1.5 billion involved Russian sanctions evasion. MEXC said user assets are safe and services remain normal, while FinCEN’s separate A7 sub-agent restriction is still at the proposal stage.