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US Treasury cuts off MEXC Global over alleged $16 billion in sanction‑linked transactions
The Treasury Department’s FinCEN ordered crypto exchange MEXC Global disconnected from the US financial system, citing $16 billion in transactions tied to Iran, North Korea and Russia and deficiencies in anti‑money‑laundering controls. The move follows earlier sanctions on Iranian exchanges. The report also notes the Trump administration’s proposal to allow crypto in 401(k) plans, Binance hackers converting $124 million of stolen tokens into bitcoin, and IREN’s bitcoin mining revenue falling 58% as it shifts to AI infrastructure.