U.S. Treasury Department to Bar Banks from Transactions with Crypto Exchange MEXC Global
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued an order that will prohibit U.S. banks and other financial institutions from processing money transfers to or from the crypto exchange MEXC Global. According to CoinDesk, the Treasury alleges that MEXC Global facilitated at least $16 billion in transactions linked to sanctions evasion, cybercrime, and other illicit activities between May 2021 and May 2026. The order, issued under section 9714(a) of the Combating Russian Money Laundering Act, specifically targets MEXC Global's access to U.S. financial intermediaries. While the order has not yet taken effect, it is expected to become active 30 days after its publication in the Federal Register. Treasury Secretary Scott Bessent stated that financial institutions must choose between supporting regimes like Iran's or maintaining access to the U.S. financial system. MEXC Global, founded in 2018 and incorporated in the Seychelles, is among the 20 largest crypto exchange...
