US Treasury cuts MEXC Global off from the US financial system: $16 billion claim

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) designated MEXC Global a “primary money laundering concern,” ordering U.S. financial institutions to sever all transfers with the exchange. The action targets a platform the article ties to roughly $16 billion in claims, though the order itself imposes no fine and does not accuse MEXC of a specific crime. The designation matters because it effectively cuts the Seychelles-based exchange off from U.S. banking rails and correspondent relationships, raising friction for dollar funding and institutional counterparties. MEXC is among the larger offshore venues by spot and derivatives volume, so the move extends Washington’s post-FTX scrutiny of non-U.S. trading platforms. What to watch next: whether MEXC contests the finding, tightens KYC and travel-rule compliance, or loses market share and liquidity to regulated rivals, and whether other offshore exchanges face similar treatment.