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Today in crypto, the US Treasury moved to cut MEXC off from the US financial system over alleged illicit transactions, questions remain about Binance’s hot wallet safeguards following its $6.3 billion hack, and other crypto exchanges are disclosing their cold storage reserves to reassure customers.
The US Department of Treasury on Friday issued an order to cut cryptocurrency exchange MEXC Global off from the US’ financial system after accusing it of facilitating at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) asserted that MEXC handled transactions involving sanctioned groups in Iran, Russia and North Korea between May 2021 and May 2026.& This included around $1.5 billion in transactions linked to Russian sanctions evasion, according to the official press release.
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