The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued an order prohibiting U.S. financial institutions from processing funds transfers to and from crypto exchange MEXC Global. FinCEN alleges that between May 2021 and May 2026, MEXC facilitated at least $16 billion in transactions related to sanctions evasion, cybercrime, and other illicit activities. This includes nearly $1.5 billion linked to Russian sanctions evasion and approximately $1 billion in direct transactions with Iranian crypto exchanges. FinCEN noted that MEXC has severe deficiencies in its anti-money laundering controls. The order will take effect 30 days after its publication in the Federal Register.