Archive: Blue Arauz/Pexels (Pexels License). Cropped and resized. General archive photo of the Treasury Department building.
U.S. banks and other financial institutions will be barred from handling transfers to or from the crypto exchange MEXC Global under a new Treasury order announced Friday. Treasury says the exchange facilitated at least $16 billion in illicit activity, including sanctions evasion linked to Iran, Russia and North Korea. In a separate action, Treasury also sanctioned eight Canadian money services businesses it says help move money to and from Iran.
The order is not in effect yet. It takes effect 30 days after it is published in the Federal Register. It applies to U.S. financial institutions, so it matters most for American crypto users and firms that deal with MEXC.
What Treasury says it found
Treasury’s Financial Crimes Enforcement Network issued the order. Treasury says that between May 2021 and May 2026, MEXC Global moved at least $16 billion in funds tied to sanctions evasion, cybercrime and other illicit activity. It also cites:
- Nearly $1.5 billion linked to Russian sanctions evasion, including $232 million in direct transactions with sanctioned entities.
- About $1 billion in direct transactions with more than 40 identified Iranian exchanges.
- About $22 million for Iran’s central bank and for the Islamic Revolutionary Guard Corps and its Qods Force.
These are agency findings, not a court ruling.
What the order does
The order prohibits U.S. financial institutions from transmitting funds from or to MEXC Global. Treasury says violations may bring civil or criminal penalties, and that the order does not change existing obligations under the Bank Secrecy Act or sanctions rules.
Treasury describes MEXC Global as one of the 20 largest crypto exchanges in the world. It says that as of September 2026 the exchange processed more than $1 billion in daily transactions and held about $5 billion in reserves.
A separate action: eight Canadian money services businesses
Also on Friday, Treasury’s Office of Foreign Assets Control (OFAC) designated eight Canadian money services businesses. Treasury alleges they help move money into and out of Iran, including by exchanging Iranian rials and other currencies for digital assets.
This is a different action from the MEXC order, with a different timeline. The OFAC designations apply now: Treasury says all property of the eight in the United States, or held by U.S. persons, is blocked, and U.S. persons are generally barred from dealing with them unless they have a license or are exempt. The MEXC order, by contrast, takes effect 30 days after it is published in the Federal Register.
The eight, as Treasury lists them:
- Diverse Trade Inc (Million Exchange)
- 1380079 BC Limited (Amin Exchange)
- Top PC Technician Inc
- NIA Nations Currency Ltd
- 2397639 Ontario Ltd (Farah Exchange)
- CCC Inc
- B Galaxy Inc (Cryptoyal)
- Darvish Exchange
Treasury alleges several of the eight handled drug proceeds for Ryan Wedding, a Canadian drug trafficker who was apprehended in January 2026. It names Million Exchange, Amin Exchange and Farah Exchange in that connection. It does not say all eight worked with him. These are Treasury’s allegations.
JBizNews Desk | Washington, D.C.
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
