US Treasury cuts off transfers with crypto exchange MEXC over involvement in over 2.5 trillion yen in illicit transactions
Original headline米財務省、仮想通貨のMEXCとの送金を遮断 2.5兆円以上の違法取引に関与
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The U.S. Treasury’s Office of Foreign Assets Control sanctioned MEXC, cutting the Seychelles-based centralized exchange off from U.S. dollar funding and barring U.S. persons from transacting with it over more than ¥2.5 trillion (roughly $17 billion) in allegedly illicit transfers. The action targets one of the largest offshore venues by volume, raising counterparty and liquidity risk for market makers and funds that route order flow through it. Watch for migration of spot and derivatives volume to compliant venues such as Coinbase, Binance.US and Kraken, and for any knock-on pressure on token prices and stablecoin flows as traders rebalance away from MEXC.
Muhabbit's AI wrote this summary in its own words from CoinPost's report and translated it from Japanese. It can get details wrong, so check the source.
Named in this story
MEXC, US Treasury