US Treasury Moves to Cut MEXC Off From Financial System Over $16 Billion in Illicit Funds
The US Treasury Department has ordered cryptocurrency exchange MEXC to be barred from the US financial system, citing at least $16 billion in transactions linked to sanctions evasion and cybercrime involving Iran, North Korea and Russia. The alleged activity spans May 2021 to May 2026, according to information shared by Coin Bureau.
Under the order, US financial institutions will be prohibited from transferring funds to or from MEXC once the measure takes effect. The action targets the exchange over its alleged role in processing funds connected to activities involving several countries under US sanctions.
Treasury Cites Billions in Transactions Linked to Sanctions Evasion
The Treasury's reported findings identify at least $16 billion in funds handled by MEXC between May 2021 and May 2026 that were tied to sanctions evasion and cybercrime. The allegations involve networks and entities connected to Russia, Iran and North Korea.
Russia-related activity accounted for nearly $1.5 billion, which the Treasury linked to sanctions evasion. The figure represents one of the specific country-related amounts identified in the reported findings.
Iran-related activity involved approximately $1 billion and more than 40 Iranian cryptocurrency exchanges. The Treasury also identified a separate flow of approximately $22 million involving Iran's central bank, the Islamic Revolutionary Guard Corps and its Qods Force.
North Korea Also Named in Treasury Findings
North Korea was another major focus of the Treasury's allegations. The department described MEXC as a hub for North Korean sanctions evasion, according to the details reported by Coin Bureau.
The findings place the exchange at the center of allegations involving multiple jurisdictions and different types of illicit financial activity. The reported $16 billion figure covers funds tied to sanctions evasion and cybercrime over the five-year period from May 2021 through May 2026.
The proposed financial restrictions would have direct implications for transactions involving US financial institutions and the exchange. Once the order takes effect, those institutions will not be able to move funds either to or from MEXC.
The country-specific figures cited by the Treasury include nearly $1.5 billion linked to Russian sanctions evasion, about $1 billion involving Iran and more than 40 Iranian crypto exchanges, as well as approximately $22 million connected to Iran's central bank, the Revolutionary Guard and its Qods Force.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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