CryptoUnited States

US Treasury cuts crypto exchange MEXC off over alleged $16 billion

The US Treasury has moved to shut the crypto trading platform MEXC Global out of the US banking system. It says the platform processed roughly $16 billion linked to illegal activity.

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On November 6, the US Treasury said it would block the crypto platform MEXC Global from American finance. It is acting through the Financial Crimes Enforcement Network, or FinCEN, a Treasury bureau that fights financial crime.

FinCEN released a final order under section 9714(a). Under it, American banks and other financial firms may not move money to or from MEXC. The ban starts 30 days after the order appears in the Federal Register. It also applies to cryptocurrency transfers.

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Treasury says the exchange facilitated at least $16 billion in illicit finance. It links the flows to Iran, North Korea and Russia. One account of the announcement puts the figure at $16.7 billion.

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The order is part of a program Treasury calls Operation Economic Outcast.

In numbers

$16 billionalleged illicit finance
30 daysuntil ban takes effect

What comes next

The restriction takes effect 30 days after the order is published in the Federal Register.

Where
United States
Published
Section
Crypto

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