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At a glance
- What changed
- FinCEN ordered covered U.S. financial institutions to stop all transmittals of funds, including convertible virtual currency, to or from MEXC Global.
- Who it affects
- U.S. covered financial institutions and anyone whose transfers route between them and MEXC Global, including its non-U.S. subsidiaries, branches, offices and successors.
- When
- Issued 6 November 2026; effective 30 days after publication in the Federal Register, with no cessation date.
What FinCEN alleges
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued the order on 6 November 2026 as part of Operation Economic Outcast. It uses Section 9714 of the Combating Russian Money Laundering Act and finds MEXC Global, a convertible virtual currency exchanger, to be a financial institution operating outside the United States of primary money laundering concern in connection with Russian illicit finance.
According to FinCEN, MEXC Global facilitated the movement of USD 16.7 billion in funds connected to Russian illicit finance and other illicit activities, including sanctions evasion and cybercrime, between May 2021 and May 2026. FinCEN also says the exchange facilitated billions of dollars in transactions benefitting Iran and its proxies and financial facilitators of North Korea, including by transacting directly with sanctioned actors.
What changes for transfers
The order prohibits any covered financial institution from engaging in a transmittal of funds from or to MEXC Global. FinCEN defines a transmittal of funds as the sending and receiving of funds, including convertible virtual currency, so the rule covers crypto transfers as well as bank payments.
MEXC Global in the order includes its subsidiaries, branches and offices operating in any jurisdiction outside the United States, plus any successor entity that takes over its assets or carries on its business under a new name. Any MEXC Global branches, subsidiaries and offices located in the United States are expressly excluded from that definition.
FinCEN published the order as a final rule. It takes effect 30 days after its publication in the Federal Register and has no cessation date.
MEXC's response
In a statement on its official announcements page, MEXC says it is aware of the 6 November order and is reviewing it closely with its legal and compliance teams. MEXC says it is operating normally and that user assets remain secure.
MEXC says it takes the concerns seriously, intends to engage constructively with FinCEN and other regulators and authorities worldwide, and has begun an independent review of its AML and sanctions controls. The statement announces no suspension of withdrawals or deposits, and MEXC says it will post further updates through its official channels.
Dates to know
As announced by the provider. A listed date does not confirm current availability or eligibility.
- FinCEN issues Section 9714 order finding MEXC Global of primary money laundering concernDate passed
- MEXC says it is operating normally and begins an independent review of its AML and sanctions controlsDate passed
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