The Financial Crimes Enforcement Network issued an order cutting off MEXC Global’s access to the U.S. financial system.
Background: FinCEN said MEXC Global is a convertible virtual currency exchanger that has facilitated at least $16 billion in illicit transactions connected to Iranian, North Korean, and Russian sanctions evasion, as well as cybercrime.
Crypto Threats: After North Korean hackers recently drained billions of dollars of cryptocurrencies from the world's biggest crypto exchange, ICBA said the heist reflects a national security emergency and called for stricter regulatory standards on digital assets.
ICBA Advocacy: ICBA has consistently raised red flags about the serious threats of crypto fraud:
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ICBA in June warned the Financial Crimes Enforcement Network and Office of Foreign Assets Control that stablecoins can serve as an “underground banking” channel for crypto scam operators and as a sanctions-evasion tool.
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In November 2025, ICBA said there is a grave risk associated with the criminal use of unhosted wallets.
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In a 2024 letter on the FinCEN Crypto Mixer proposal, ICBA said North Korea has funneled its ill-gotten gains directly into its weapons program.