The U.S. Treasury Department has ordered American financial institutions to stop processing transactions involving cryptocurrency exchange MEXC Global, accusing the platform of facilitating at least $16 billion in illicit financial activity tied to sanctions evasion, cybercrime, and other illegal operations.

Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the action Friday as part of Operation Economic Outcast, President Donald Trump’s administration’s campaign to isolate Iran from international financial markets. The order effectively cuts MEXC off from the U.S. financial system and takes effect 30 days after publication in the Federal Register.

According to Treasury, MEXC processed at least $16 billion in suspicious transactions between May 2021 and May 2026, including funds linked to sanctioned entities in Iran, Russia, and North Korea.

“Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system,” Treasury Secretary Scott Bessent said in the announcement.

Treasury described MEXC as one of the world’s 20 largest cryptocurrency exchanges, handling more than $1 billion in daily transactions and holding approximately $5 billion in reserves as of September. The exchange offers access to more than 3,000 cryptocurrencies and tokenized assets.

Despite maintaining customer verification and anti-money laundering policies, MEXC allegedly failed to prevent transactions involving sanctioned individuals and organizations.

Treasury said approximately $1.5 billion in transactions were connected to Russian sanctions evasion, including $232 million transferred directly to or from entities sanctioned by the United States, European Union, and United Kingdom.

The exchange allegedly continued processing transactions involving Garantex, a Russian cryptocurrency platform sanctioned by the United States in 2022, and its successor Grinex as recently as June 2026.

MEXC also purportedly processed at least $26 million benefiting Russia’s sanctioned A7 network and nearly $200 million connected to the A7A5 stablecoin, which U.S. officials have identified as a tool for circumventing financial restrictions.

Iranian activity accounted for another significant portion of the transactions. Treasury said MEXC sent or received approximately $1 billion directly involving more than 40 Iranian cryptocurrency exchanges over the five-year period. Another $22 million in transactions involved Iran’s sanctioned central bank, Islamic Revolutionary Guard Corps, and its Qods Force, according to the announcement.

The latest action follows a broader U.S. crackdown on cryptocurrency infrastructure allegedly supporting sanctioned governments.

As previously reported by Bitcoin.com News, Treasury expanded its sanctions authority in August to cover Iran’s digital asset sector under Operation Economic Outcast, exposing foreign cryptocurrency businesses to potential penalties for supporting the country’s financial networks.

In September, U.S. authorities also sanctioned Iranian cryptocurrency exchange Bitbank, alleging that financier Babak Zanjani used the platform to transfer hundreds of millions of dollars in bitcoin to the Revolutionary Guard.

MEXC had already begun withdrawing from certain international markets. Bitcoin.com News reported in October that the exchange was winding down services for users in Russia and Belarus, citing global compliance requirements amid tightening European sanctions.

Friday’s action goes further by restricting MEXC’s access to American financial institutions, rather than simply limiting services in particular countries.

FinCEN issued the order under Section 9714 of the Combating Russian Money Laundering Act. U.S. financial institutions will be prohibited from transmitting funds to or from MEXC once the restrictions take effect, with potential civil or criminal penalties for violations.

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