FinCEN Blocks MEXC’s Access to US Financial System Over Alleged Iran, North Korea, Russia Sanctions Evasion

The US Financial Crimes Enforcement Network, or FinCEN, has blocked cryptocurrency exchange MEXC from accessing the US financial system, according to Cointelegraph. The move follows allegations that the exchange supported sanctions evasion involving Iran, North Korea and Russia.

Cointelegraph reported on Nov. 6 that FinCEN alleged MEXC facilitated transactions tied to countries subject to US sanctions.

FinCEN is said to have taken the measure after concluding that MEXC helped Iran, North Korea and Russia evade sanctions.

The action has restricted MEXC’s access to the US financial system. The exact scope of the sanctions and MEXC’s position were not confirmed.