The U.S. Treasury moved to restrict MEXC Global’s access to the U.S. financial system after FinCEN alleged that the exchange facilitated at least $16 billion in illicit cryptocurrency transactions between May 2021 and May 2026. The order, issued under Section 9714 of the Combating Russian Money Laundering Act, will take effect 30 days after publication in the Federal Register and bar covered U.S. financial institutions from sending or receiving funds involving MEXC. It does not itself freeze customer assets or prohibit worldwide trading. OKX CEO Star Xu advised users against transferring funds directly from MEXC, saying the exchange had strengthened sanctions-style screening and that associated funds could be frozen while related accounts face investigation. MEXC said it was operating normally and reviewing the findings. Treasury separately sanctioned eight Canadian money services businesses over Iran-linked cryptocurrency activity, while FINTRAC said it had revoked 161 registrations since the beginning of 2026 and imposed more than C$198 million in penalties over the previous year.