FinCEN alleged that MEXC Global processed approximately $1 billion in direct transfers involving more than 40 Iranian crypto exchanges between May 2021 and May 2026

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The FinCEN and the Federal Reserve rescinded a proposed Travel Rule amendment reducing the cryptocurrency transaction reporting threshold to $250

FinCEN alleged MEXC Global processed $22 million benefiting Iran's central bank and the Islamic Revolutionary Guard Corps' Qods Force, alongside nearly $200 million connected to the A7A5 stablecoin

The $3,000 transaction reporting threshold remains in place for qualifying cryptocurrency transfers under existing guidance from the Financial Crimes Enforcement Network

As part of Operation Economic Outcast, the U.S. Treasury designated Russia's A7 Network a transnational criminal organization and sanctioned Iranian crypto exchanges Nobitex and BitBank, the latter over alleged transfers to the IRGC

When FinCEN initially proposed lowering the reporting threshold in 2020, FinCEN argued that illicit actors were increasingly using transactions below $3,000 to move funds

FinCEN designated MEXC Global as a primary money laundering concern in connection with Russian illicit finance under Section 9714(a) of the Combating Russian Money Laundering Act

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Section 9714(a) Combating Russian Money Laundering Act order prohibiting U.S. financial institutions from processing transfers with MEXC Global, effective 30 days after Federal Register publication

FinCEN cited severe deficiencies in MEXC Global's anti-money-laundering controls, noting the exchange processed trades with sanctioned Russian platform Garantex and successor Grinex as recently as June 2026

The order targeting MEXC Global forms part of Operation Economic Outcast, a U.S. Treasury campaign targeting financial networks supporting Iranian sanctions evasion activities

The U.S. Treasury Department's withdrawal of the $250 threshold proposal relieves cryptocurrency exchanges and custodial institutions from expanded data-collection and recordkeeping obligations on transfers under $3,000

FinCEN found MEXC Global processed at least $16 billion in illicit transactions between May 2021 and May 2026, including nearly $1.5 billion tied to Russian sanctions evasion

FinCEN alleged that MEXC Global facilitated approximately $350,000 for sanctioned North Korean money launderer Sim Hyon Sop in 2025

Cryptocurrency exchange Binance maintained a dedicated backstop reserve fund to reimburse user losses following security breaches

In mid-2025, the Thailand SEC referred unlicensed crypto exchange platforms including Bybit and OKX to the Ministry of Digital Economy and Society for a June 28 access cutoff

Thailand's Securities and Exchange Commission filed a criminal complaint against BG Limited, the operator of cryptocurrency exchange Bitget, alleging unlicensed digital-asset exchange operations for Thai users from 2022 to 2025

Thailand's SEC alleged Bitget solicited Thai users through social channels including 'Bitget Thailand' on X, 'BGB Thai Holder' on Telegram, and 'bitgetthailand' on TikTok from 2022 through 2025

A number of traditional and fintech entities registered with the Bank of Russia as cryptocurrency service providers are subject to sanctions

The Thailand SEC submitted Bitget's website, domains, and mobile application to the Ministry of Digital Economy and Society to block public access to the platform starting December 5, 2026

The Thailand SEC alleged Bitget violated Section 26 of the Emergency Decree on Digital Asset Businesses B.E. 2561 by operating a trading system without a license, charging fees, and displaying values in Thai baht

Approximately two dozen organizations registered with the Bank of Russia as crypto trading and custodial service providers, including Sberbank, which received specific central bank authorization in October 2026