Operation Economic Outcast: FinCEN ordered 𝐌𝐄𝐗𝐂 𝐆𝐥𝐨𝐛𝐚𝐥 cut off from the U.S. financial system after finding the cryptocurrency exchange facilitated at least $16 billion in illicit transactions tied to Iranian, North Korean, and Russian sanctions evasion, cybercrime, and other illicit activity.

Entities

  • 𝐌𝐄𝐗𝐂 𝐆𝐥𝐨𝐛𝐚𝐥 — Headquarters not specified; major convertible virtual currency exchanger identified as a primary money laundering concern in connection with Russian illicit finance. FinCEN found severe AML and customer-verification deficiencies despite the platform’s stated compliance controls.
  • 𝐆𝐚𝐫𝐚𝐧𝐭𝐞𝐱 and successor 𝐆𝐫𝐢𝐧𝐞𝐱 — Sanctioned Russian exchanges that continued transacting through MEXC Global as recently as June 2026.
  • 𝐀𝟕 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 — Russia-based, OFAC-sanctioned sanctions-evasion network that received at least $26 million in MEXC-facilitated transactions.
  • 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐈𝐫𝐚𝐧 — OFAC- and EU-sanctioned institution involved, alongside the IRGC and IRGC-Qods Force, in approximately $22 million of transactions processed by MEXC Global.
  • 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐚𝐫𝐲 𝐆𝐮𝐚𝐫𝐝 𝐂𝐨𝐫𝐩𝐬 and 𝐈𝐑𝐆𝐂-𝐐𝐨𝐝𝐬 𝐅𝐨𝐫𝐜𝐞 — OFAC-, UK-, and EU-sanctioned Iranian actors that benefited from MEXC-facilitated transactions.

Key findings

  • May 2021–May 2026: At least $16 billion linked to sanctions evasion, cybercrime, and other illicit activity.
  • Russian exposure: Nearly $1.5 billion tied to sanctions evasion, including $232 million in direct transactions with U.S.-, EU-, or UK-sanctioned entities.
  • A7 ecosystem: Almost $200 million connected to the A7 Network’s A7A5 stablecoin, used as a sanctions-evasion store of value.
  • Iranian exposure: Approximately $1 billion in direct transfers with more than 40 identified Iranian CVC exchangers, including some under U.S. or international sanctions.
  • Additional activity included DPRK sanctions evasion, ransomware and scam payments, and Russian and other darknet-market transactions.
  • As of September 2026, MEXC Global reportedly processed more than $1 billion daily, held approximately $5 billion in reserves, and offered over 3,000 cryptocurrencies and tokenized assets.

Compliance impact

  • Issued under Section 9714(a) of the Combating Russian Money Laundering Act, the order prohibits U.S. financial institutions from transmitting funds from or to 𝐌𝐄𝐗𝐂 𝐆𝐥𝐨𝐛𝐚𝐥.
  • The prohibition becomes effective 30 days after publication in the Federal Register.
  • Violations may trigger civil or criminal penalties.
  • Existing Bank Secrecy Act, Suspicious Activity Report, and OFAC sanctions obligations remain unchanged.
  • FinCEN whistleblowers may qualify for awards when information leads to a successful enforcement action with monetary penalties exceeding $1 million.

Source: https://home.treasury.gov/news/press-releases/sb0685/