The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued a final order cutting off offshore crypto exchange MEXC Global from the U.S. banking system, alleging its involvement in at least $16 billion in illicit transactions. Under Section 9714(a) of the Combating Russian Money Laundering Act, 30 days after publication in the Federal Register, covered U.S. financial institutions will be prohibited from conducting any funds transfers with MEXC Global and its affiliated entities. The Treasury alleges that between May 2021 and May 2026, MEXC facilitated at least $16 billion in illicit fund flows, including nearly $1.5 billion related to Russian sanctions evasion and approximately $22 million linked to the Central Bank of Iran and the Islamic Revolutionary Guard Corps-Qods Force.