The US Treasury Department announced on Friday that its Financial Crimes Enforcement Network (FinCEN) had issued an order effectively cutting cryptocurrency exchange MEXC Global off from the US financial system.
The action follows transactions that the department says are linked to evading sanctions imposed on Iran, North Korea and Russia.
FinCEN, the Treasury Department’s anti-money laundering unit, said the order prohibits US financial institutions from processing fund transfers involving the Seychelles-registered platform.
The agency alleges that MEXC Global facilitated at least $16 billion in illicit transactions linked to Iran, North Korea and Russia, as well as transactions involving other sanctioned entities.
Source: Reuters
