HedgeCo.Net — The U.S. Treasury’s Financial Crimes Enforcement Network issued an order on November 6 that will prohibit U.S. financial institutions from engaging in any transmittal of funds to or from MEXC Global, effectively cutting the crypto exchange off from the U.S. financial system. Treasury said MEXC facilitated at least $16 billion of transactions connected to Iranian, North Korean and Russian sanctions evasion and cybercrime between May 2021 and May 2026. The order, issued under section 9714(a) of the Combating Russian Money Laundering Act, takes effect 30 days after publication in the Federal Register; the Federal Register’s public inspection page shows it scheduled for publication on November 10.
Treasury’s findings include nearly $1.5 billion of transactions linked to Russian sanctions evasion, $232 million of which were direct transactions with U.S.-, EU- and UK-sanctioned entities, and continued dealings with sanctioned Russian exchange Garantex and its successor Grinex as recently as June 2026. Treasury also said MEXC sent or received about $1 billion in direct transactions with more than 40 identified Iranian crypto exchangers and facilitated about $22 million of transactions for the Central Bank of Iran and the Islamic Revolutionary Guard Corps and its Qods Force. According to Treasury, MEXC processed more than $1 billion a day as of September 2026 and held about $5 billion in reserves.
On the same day, Treasury’s Office of Foreign Assets Control designated eight Canada-based money services businesses under Executive Order 13902 for operating in Iran’s digital asset sector: Million Exchange, 1380079 BC Limited and its affiliate Top PC Technician Inc (both doing business as Amin Exchange), NIA Nations Currency, Farah Exchange, CCC Inc, B Galaxy Inc (Cryptoyal) and Darvish Exchange. Treasury said several also laundered funds for sanctioned Canadian drug trafficker Ryan Wedding, and that the action was coordinated with FinCEN, Canada’s FINTRAC and the Drug Enforcement Administration.
MEXC said in a November 7 statement that it is reviewing the order with its legal and compliance teams, that it is “operating normally” and that user assets “remain secure.” The exchange said it intends to engage with FinCEN and other regulators and has begun an independent review of its anti-money-laundering and sanctions controls.
For funds, prime brokers and crypto counterparties, the practical deadline is the effective date. The order covers transmittals of convertible virtual currency as well as fiat, so U.S.-regulated firms with direct or indirect exposure to MEXC flows will need to identify and wind down those pathways, and screening programs should be updated for the eight newly designated Canadian entities.