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ARTICLE · 09 NOVEMBER 2026

Weekly Sanctions Update: November 9, 2026

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The Financial Crimes Enforcement Network has severed MEXC Global's access to the US financial system over alleged Russian money laundering, while Treasury expands sanctions targeting Cuban military networks, Iranian shadow fleets, and cryptocurrency-enabled sanctions evasion. These enforcement actions signal intensified scrutiny of digital asset platforms and illicit finance networks supporting sanctioned regimes.

GlobalGovernment, Public Sector
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Steptoe LLP

US Developments

FinCEN Cuts Off MEXC Global from the US Financial System

On November 6, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an order prohibiting US financial institutions from engaging in any transmittal of funds from or to MEXC Global, a Seychelles-based cryptocurrency exchange. FinCEN determined that MEXC Global is a financial institution of “primary money laundering concern” in connection with Russian illicit finance. The order takes effect 30 days after its publication in the Federal Register, and willful violations may result in civil or criminal penalties.

According to FinCEN’s order, MEXC Global facilitated at least $16.7 billion in transactions linked to sanctions evasion, cybercrime, and other illicit activity between May 2021 and May 2026. FinCEN alleged that the exchange processed transactions involving sanctioned Russian entities, including the exchange Garantex and its successor Grinex.

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