FinCEN Orders US Financial Institutions to Halt MEXC Transfers

The US Treasury’s Financial Crimes Enforcement Network has ordered covered US financial institutions to stop processing funds transfers to or from MEXC Exchange, according to The Coin Republic and CryptoSlate. The action creates a direct compliance restriction for banks and other covered institutions involved in transferring funds connected to the exchange. FinCEN alleges that MEXC facilitated at least $16 billion in transactions linked to sanctions evasion, cybercrime, and other illicit conduct, The Coin Republic reported. Its stated period of activity runs from May 2021 through May 2026. The $16 billion figure represents the scale of transactions linked to the allegations, not a separately identified confiscation amount or fine. The two outlets agree on the central enforcement action, but their summaries emphasize different details. The Coin Republic focuses on the alleged volume, types of illicit activity, and multi-year period covered by the order. CryptoSlate highlights the implementation timetable, saying the restriction begins 30 days after publication in the Federal Register, and says covered institutions have limited discretion over unsolicited crypto receipts. No material contradiction between the outlets appears in the supplied coverage.

The mechanism centers on the transfer-processing layer rather than an announced action against MEXC’s own customers. Covered US financial institutions are instructed to refrain from processing transfers to or from the exchange once the order takes effect. CryptoSlate’s note on unsolicited receipts indicates that the handling of certain incoming crypto transfers will receive particular attention under the order.

Broader crypto markets were flat at the time of the supplied market snapshot, with total market capitalization at $2.6 trillion. Bitcoin was down 0.46% over 24 hours, while the Fear & Greed index stood at 25, classified as Extreme Fear. No specific coin tied to MEXC was named in the market data. The enforcement action is therefore presented against a subdued broader market backdrop, with the order’s 30-day implementation period serving as the key near-term compliance checkpoint to monitor.