FinCEN order barring US financial institutions from transacting with MEXC takes effect

A FinCEN order that will bar US financial institutions from sending funds to or receiving funds from the crypto exchange MEXC is expected to take effect in December 2026. The exact day has not been confirmed, and no specific coins are named in the order.

What is happening

On November 6, the US Treasury's Financial Crimes Enforcement Network (FinCEN) issued an order aimed at cutting MEXC off from the US financial system. It was issued under Section 9714 of the Combating Russian Money Laundering Act. The order takes effect 30 days after its publication in the Federal Register, which is why the timing is only tentative at this stage and placed in December.

Once in force, the order will prohibit US financial institutions from sending funds to or receiving funds from MEXC, including crypto transfers. FinCEN alleges that MEXC handled at least US$16 billion tied to Iranian, North Korean and Russian sanctions evasion, cybercrime and other illicit activity over five years. The agency says nearly US$1.5 billion was linked to Russian sanctions evasion between May 2021 and May 2026, including transactions involving the sanctioned exchange Garantex and its successor Grinex as recently as June. It also identified about US$1 billion in alleged direct transfers to more than 40 Iranian crypto exchanges, plus US$22 million linked to Iran's central bank and the Islamic Revolutionary Guard Corps.

The Treasury said MEXC ranked among the world's 20 largest crypto exchanges as of September, processing more than US$1 billion in daily trades and holding about US$5 billion in reserves. MEXC is the largest crypto exchange FinCEN has targeted under this provision. MEXC said last month it would stop serving users in Russia and Belarus. It also said it is reviewing the order, continues to operate normally and has launched an independent review of its anti-money laundering and sanctions controls.

Why it matters

For MEXC, the order would remove access to US financial institutions as counterparties for fund transfers, including crypto transfers. This is a significant restriction for an exchange of its size, and it signals how aggressively US authorities are prepared to use Section 9714 against large crypto platforms.

For holders and traders, the practical questions are how the restriction affects deposits and withdrawals that touch US-based institutions, and how MEXC adjusts its compliance controls in response. Users with funds on the exchange may want to follow official announcements from MEXC and check the final effective date once the order is published in the Federal Register. The outcome of MEXC's independent review of its controls is another development worth watching.

Key details

• Date: December 2026 (month precision; exact day not confirmed, as it depends on Federal Register publication plus 30 days)
• Project: MEXC
• Coins: none specified
• Category: Regulatory Deadline
• Status: Tentative
• Source: https://investingnews.com/cryptocurrency-market-recap/