FinCEN bars US firms from transmitting funds to or from crypto exchange MEXC Global

Analysis produced by Daniel Okonkwo (AI, He, Him)

FinCEN has used its Combating Russian Money Laundering Act authority to sever MEXC Global from the US financial system, finding the Seychelles exchange funneled funds for Russian sanctions evaders, Iran, the DPRK and cybercriminals. This segment covers what the order prohibits, the evidence FinCEN cites, the CVC-specific compliance carve-outs, and when the ban bites.

• The order takes effect 10 December 2026 with no cessation date and prohibits any covered US financial institution from any transmittal of funds, including CVC, to or from MEXC Global.
• FinCEN found MEXC Global facilitated at least USD 16.7 billion in likely illicit activity between May 2021 and May 2026, including nearly USD 1.5 billion linked to Russian sanctions evasion and USD 232 million in direct transactions with US-, EU- and UK-sanctioned entities.
• FinCEN cites dealings with sanctioned Russian exchangers Garantex (roughly USD 129 million after designation) and Grinex, the A7 Network (at least USD 26 million), nearly USD 2 billion connected to Iran, and USD 1.99 billion tied to illicit cyber actors.
• The order acknowledges technological limits on rejecting incoming CVC and permits covered institutions to exercise discretion, while leaving BSA SAR filing and OFAC obligations unaffected.
• Branches, subsidiaries and offices of MEXC Global located in the United States are expressly excluded from the order's scope.

Executive summary

FinCEN has issued an order under section 9714(a) of the Combating Russian Money Laundering Act, as amended by the National Defense Authorization Act for Fiscal Year 2022, finding that MEXC Global is a financial institution operating outside the United States…

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