[CoinDesk] U.S. Treasury moves to cut off crypto exchange MEXC over $16 billion in alleged illicit flows

The U.S. Treasury moved to cut off crypto exchange MEXC, citing roughly $16 billion in alleged illicit flows tied to Russia and Iran. The action, framed as part of Washington's pressure campaign on Tehran, rests primarily on MEXC's alleged role in Russian illicit finance. The order threatens to sever the exchange's access to U.S. correspondent banking and dollar-clearing channels, a significant step for a venue that has grown into one of the largest offshore trading platforms by volume. MEXC's native token and spot volumes are the immediate gauges to watch as traders assess whether the designation triggers outflows. Next, watch whether MEXC contests the order, how counterparties and market makers adjust exposure, and whether other offshore exchanges face similar scrutiny.