US Treasury bars MEXC Global over $16 billion in illicit crypto transactions

The U.S. Treasury Department has ordered financial institutions in the country to sever ties with MEXC Global, a major cryptocurrency exchange accused of facilitating at least $16 billion in illicit transactions linked to sanctions evasion and cybercrime activities involving entities in Iran, North Korea, and Russia. The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury that oversees anti-money-laundering (AML) efforts, has categorized MEXC as a “primary money laundering concern” in connection with ongoing illicit financing from Russia. MEXC remains among the world’s 20 largest crypto exchanges by trading volume.

Source: CoinTurk News