FinCEN Orders US Banks to Cut Off MEXC Over $16B in Illicit Crypto Transfers

FinCEN's November 6 order effectively severs MEXC from US correspondent banking, citing roughly $16B in alleged illicit flows tied to Russia, Iran, North Korea and ransomware. The action is exchange-specific rather than protocol-level, but it reinforces regulatory contagion risk and prompts withdrawal flows from offshore venues. Expect modest negative pressure on crypto sentiment and heightened scrutiny of exchange counterparty and AML exposure in the near term.