MEXC Assures Users Their Funds Are Safe After US Orders Financial Restrictions

Highlights:

• US regulators ordered restrictions on MEXC after tracing at least $16 billion in allegedly illicit transactions.
• FinCEN tied almost $1.5 billion to Russian sanctions violations and marked transactions on crypto exchanges in Iran.
• MEXC says its services remain available while it reviews the order and strengthens its compliance controls.

Cryptocurrency exchange MEXC faces new US financial restrictions after regulators accused it of processing at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illegal activities. The move could cut the exchange off from American financial institutions. However, MEXC says its services remain available, and customer funds are safe.

The US Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the order on November 6. MEXC facilitated the transfers between May 2021 and May 2026, including transfers with sanctioned entities in Russia, Iran and North Korea, the agency said.

FinCEN Links MEXC to Russian and Iranian Sanctions Evasion

FinCEN said that close to $1.5 billion was tied to transactions that helped Russian sanctions to be evaded. This encompassed a total of $232 million in direct transfers to individuals and organizations designated by the US, European Union and United Kingdom.

The agency also found that MEXC continued processing transactions with Russian exchange Garantex and its successor, Grinex, as recently as June. US authorities sanctioned Garantex in April 2022. FinCEN identified further activity connected to Iran. It said MEXC processed approximately $1 billion in direct transfers involving more than 40 Iranian cryptocurrency exchanges over the five-year period.

Another $22 million in transactions involved Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC), including its Qods Force. US Treasury Secretary Scott Bessent warned financial institutions against helping sanctioned entities access the American financial system.

“Financial institutions cannot have it both ways: Either you support the Iranian regime, or you have access to the U.S. financial system,” Bessent said.

Under the new order, US financial institutions will be prohibited from sending or receiving funds involving MEXC Global. The restrictions will take effect 30 days after publication in the Federal Register.

MEXC Says User Assets Remain Safe and Services Continue

MEXC addressed the regulatory action in a November 7 statement on X. The exchange confirmed that its legal and compliance teams were reviewing FinCEN’s order. “MEXC is operating normally, and user assets remain secure,” the company said.

It also said it had started an independent review of its anti-money laundering (AML) and sanctions controls. MEXC plans to engage with FinCEN and other regulators to address their concerns. In a separate X post, MEXC representative Yummy reassured users that deposits and withdrawals had not been affected.

目前 MEXC 平台各項服務都正常運作，用戶資產安全，充提幣功能也沒有受到影響，大家可以先安心。🙏

加密產業發展到今天，交易所要做的早就不只是把產品做好，合規更是整個數位資產產業建立信任、走向長期發展的重要基礎。… https://t.co/jIlwkH1uvT

— Yummy_MEXC (@yummy_mexc) November 7, 2026

Yummy also acknowledged the growing importance of regulatory compliance for cryptocurrency exchanges. The representative said platforms must work within different regulatory frameworks to build trust and support long-term growth. Users were encouraged to follow official announcements and contact the exchange’s support team if they experienced problems.

How Will the US Restrictions Affect MEXC?

FinCEN issued the order under Section 9714 of the Combating Russian Money Laundering Act. It aims to block MEXC’s access to the financial market in the United States, not a global ban on the exchange. Covered financial institutions in the United States will be prohibited from processing transactions involving MEXC after the measure comes into effect. Anyone who breaches the order will be subject to civil or criminal punishment.

But freezing of customer assets does not automatically happen, nor does the closure of the exchange services in general. MEXC has not issued a statement saying it plans to appeal against the order. The company will keep cooperating with the regulators and keep updating as the compliance review continues, it says.