Crypto exchange MEXC banned: US Treasury pulls the ripcord

The U.S. Financial Crimes Enforcement Network (FinCEN) has banned all transactions with Seychelles-based crypto exchange MEXC, citing suspected money laundering failures. The order effectively cuts MEXC off from the U.S. financial system and, because of how correspondent banking and stablecoin rails work, threatens blocked deposits even for European customers. MEXC, known for low fees and a long tail of altcoin listings, has not disclosed the volume of assets or user funds affected by the ban. The action follows a broader U.S. crackdown on offshore venues that lack robust anti-money-laundering controls. What to watch next: whether MEXC secures a compliant banking/stablecoin partner or restructures its U.S. exposure, and whether withdrawals and stablecoin redemptions stay smooth for non-U.S. users.