Market Flux Event
US Treasury Bans Crypto Exchange MEXC Over $16 Billion in Illicit Transactions While Dropping Crypto Surveillance Proposal
Read this in the Market Flux appThe US Treasury Department delivered two major and opposing signals to the crypto market on November 6, acting through its Financial Crimes Enforcement Network to sever crypto exchange MEXC Global from the American financial system while simultaneously withdrawing a years-old proposal to tighten surveillance on smaller crypto transfers.
FinCEN issued a final order under section 9714(a) barring US financial institutions from sending or receiving funds involving MEXC Global, effective 30 days after publication in the Federal Register. The Treasury accused the Seychelles-based exchange of facilitating at least $16 billion, and by some accounts $16.7 billion, in illicit transactions between May 2021 and May 2026, with links to cybercriminal activity and sanctions evasion tied to Iran, North Korea, and Russia. The action was carried out as part of Operation Economic Outcast. Separately, Treasury also sanctioned Canadian money services firms over Iran-related transactions.
On the same day, the Treasury and the Federal Reserve withdrew a 2020 proposal that would have expanded information-collection requirements for international crypto transfers as small as $250. The existing $3,000 reporting threshold will remain in place as officials reassess the rules. Analysts noted the rollback could boost crypto market confidence and potentially support Bitcoin prices, though future regulatory direction remains uncertain.
In broader fixed-income markets, Treasuries pulled back on Friday after a stronger-than-expected jobs report stoked fears of additional Federal Reserve rate hikes. The 10-year yield closed at 4.86% and the 2-year at 4.51%. San Francisco Fed President Mary Daly said more rate increases are likely, warning that wages are not keeping pace with inflation despite the solid October employment figures. CFTC data for the week of November 3 showed speculators adding to short positions in 5-year Treasury futures, signaling market expectations of continued yield pressure.
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- WatcherGuruJUST IN: 🇺🇸 US Treasury to ban crypto exchange MEXC Global from the US financial system over transactions linked to Iran, North Korea, and Russia.
- AshCryptoBREAKING: 🇺🇸 The US Treasury has banned MEXC from the American financial system. They say it processed transactions for Iran, North Korea and Russia.
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