A post by @WuBlockchain on X.
US Treasury Moves to Cut MEXC Global Off From US Financial System Over $16B in Illicit Transactions
@WuBlockchain on X
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The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has ordered domestic financial institutions to stop processing fund transfers to or from MEXC Global, citing roughly $16 billion in illicit transactions tied to the exchange. The order effectively severs the Seychelles-based platform from the U.S. banking system, marking one of the most significant enforcement actions against a crypto exchange since Binance’s 2023 settlement. FinCEN’s action follows scrutiny of MEXC’s compliance controls and its large volume of transactions across hundreds of listed tokens. The move matters because it raises counterparty and banking-access risk for U.S. users and market makers relying on MEXC for liquidity. What to watch next: whether MEXC contests the order, adjusts its onboarding and KYC procedures, or loses further market share to regulated venues.
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Named in this story
MEXC Global, FinCEN, US Treasury