U.S. Treasury Orders MEXC Financial Ban Over $16B in Illicit Flows

Treasury’s action puts MEXC’s international banking relationships under pressure. Sanctions exposure reveals gaps in the exchange’s transaction monitoring. Traders face counterparty and liquidity risks beyond the order’s direct legal scope. The U.S. Treasury Department has ordered cryptocurrency exchange MEXC Global cut off from American financial institutions after identifying extensive transactions connected to sanctions evasion, cybercrime and illicit financial networks. The November 6 action , issued by the Financial Crimes Enforcement Network (FinCEN), prohibits covered U.S. financial institutions from transmitting funds to or from the exchange once the order takes effect.

Source: ETHNews