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FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global
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Treasury's FinCEN Moves to Cut Crypto Exchange MEXC Global from U.S. Financial System Over Alleged $16 Billion in Illicit Activity

Treasury's FinCEN Moves to Cut Crypto Exchange MEXC Global from U.S. Financial System Over Alleged $16 Billion in Illicit Activity

Treasury's FinCEN Moves to Cut Crypto Exchange MEXC Global from U.S. Financial System Over Alleged $16 Billion in Illicit Activity
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U.S. Treasury Department to Bar Banks from Transactions with Crypto Exchange MEXC Global

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...
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Treasury Department Orders U.S. Financial Institutions to Cut Off MEXC Global Over $16 Billion in Alleged Illicit Transactions

Treasury Department Orders U.S. Financial Institutions to Cut Off MEXC Global Over $16 Billion in Alleged Illicit Transactions

Treasury Department Orders U.S. Financial Institutions to Cut Off MEXC Global Over $16 Billion in Alleged Illicit Transactions
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U.S. Sanctions Eight Canadian Firms Over Alleged Financial Links to Iran and Drug Trafficking

U.S. Sanctions Eight Canadian Firms Over Alleged Financial Links to Iran and Drug Trafficking

The United States Department of the Treasury has imposed sanctions on eight money services businesses operating in Canada. These firms are accused of acting as financial conduits for Iran, its Islamic Revolutionary Guard Corps (IRGC), and international drug trafficking networks. The enforcement action, dubbed 'Operation Economic Outcast,' was launched in August to dismantle foreign financial mechanisms and cryptocurrency channels allegedly used by Tehran to bypass international sanctions. Treasury Secretary Scott Bessent stated that Canada cannot be a safe haven for illicit financial facilitators supporting the Iranian regime. The Office of Foreign Assets Control (OFAC) claims these Canadian firms exchanged Iranian rials and conventional currencies for cryptocurrencies to facilitate cross-border transactions involving sanctioned Iranian entities. Investigations allege that multiple targeted firms transacted with state-aligned Iranian digital asset exchanges, including Nobitex, Wallex, Bitpin, and Shelbit, ...
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U.S. Treasury Sanctions Eight Canadian Firms Over Alleged Iran Ties and Illicit Financial Activities

U.S. Treasury Sanctions Eight Canadian Firms Over Alleged Iran Ties and Illicit Financial Activities

The U.S. Department of the Treasury has imposed sanctions on eight Canadian currency-exchange businesses, accusing them of facilitating financial transactions for Iranian entities to evade sanctions. These measures, part of "Operation Economic Outcast," target firms primarily located in Ontario and British Columbia, including Million Exchange, Amin Exchange, and Cryptoyal. According to Treasury Secretary Scott Bessent, these businesses allegedly helped sanctioned Iranian entities and laundered proceeds by converting Iranian rials and other currencies into digital assets like cryptocurrency. Some firms are also accused of assisting an alleged head of a drug trafficking ring. The sanctions effectively cut these businesses off from the U.S. dollar-based financial system, freezing any assets they hold in the U.S. and prohibiting transactions with American individuals or entities. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) confirmed its collaboration with the U.S. Financial Crime...
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SEC and CFTC Clarify Regulatory Roles in U.S. Crypto Market Amidst Ongoing Uncertainty

SEC and CFTC Clarify Regulatory Roles in U.S. Crypto Market Amidst Ongoing Uncertainty

SEC and CFTC Clarify Regulatory Roles in U.S. Crypto Market Amidst Ongoing Uncertainty
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U.S. Treasury Sanctions Canadian Money Services Firms Over Iran-Related Transactions

U.S. Treasury Sanctions Canadian Money Services Firms Over Iran-Related Transactions

The U.S. Department of the Treasury announced new sanctions targeting eight Canadian money services businesses. These firms, based in Ontario and British Columbia, are accused of enabling the Iranian regime, sanctioned entities associated with it, and other illicit actors to move assets into and out of Iran. The sanctions, part of 'Operation Economic Outcast,' were issued by the Treasury’s Office of Foreign Assets Control (OFAC). The designated businesses include Diverse Trade Inc (doing business as Million Exchange), 1380079 BC Limited, Top PC Technician Inc, NIA Nations Currency Ltd, 2397639 Ontario Ltd (doing business as Farah Exchange), CCC Inc, B Galaxy Inc, and Darvish Exchange. Additionally, the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an order cutting off virtual currency exchanger MEXC Global from the U.S. financial system due to its alleged facilitation of at least $16 billion in illicit transactions linked to Iran, North Korea, and Russia.
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U.S. Treasury Imposes Sanctions on MEXC Global and Canadian Firms Over Illicit Crypto Transactions

U.S. Treasury Imposes Sanctions on MEXC Global and Canadian Firms Over Illicit Crypto Transactions

U.S. Treasury Imposes Sanctions on MEXC Global and Canadian Firms Over Illicit Crypto Transactions
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FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation

FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation

FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation
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Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps

Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps

Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps
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Digital Asset Firms Face Stricter Governance Under OCC Supervision Following GENIUS Act

Digital Asset Firms Face Stricter Governance Under OCC Supervision Following GENIUS Act

Digital Asset Firms Face Stricter Governance Under OCC Supervision Following GENIUS Act