FinCEN Bars U.S. Financial Institutions From Moving Funds for MEXC After $16.7 Billion Finding

FinCEN’s order against MEXC Global binds banks rather than the exchange itself, and that distinction decides who has to change behaviour. The order, signed Friday, bars any covered U.S. financial institution from processing a transmittal of funds from or to MEXC Global, convertible virtual currency included. It rests on a finding that the Seychelles-registered exchange moved at least $16.7 billion connected to illicit finance, including sanctions evasion and cybercrime, between May 2021 and May 2026. The Treasury’s public announcement puts the figure at “at least $16 billion” and leads with Iran, North Korea and Russia.

Source: Blockchain Reporter