US Halts Digital Exchange Activities Over Transactions Linked to Iran, North Korea and Russia

The US Department of the Treasury announced that its Financial Crimes Enforcement Network issued an order on Friday that effectively severs the (MEXC) Global digital currency trading platform from the US financial system. This action was taken due to transactions the department states are linked to evading sanctions imposed on Iran, North Korea, and Russia, according to "Reuters".

The network, which is the Treasury's anti-money laundering unit, stated that the order prohibits US financial institutions from processing money transfers involving the Seychelles-registered platform. The platform reportedly facilitated at least $16 billion in illicit transactions associated with Iran, North Korea, and Russia, as well as transactions with other sanctioned entities.

A notice on the US Treasury website also showed that the United States issued new Iran-related sanctions on Friday.

The Treasury website announced that the new sanctions target eight Canada-based entities, as well as more than 30 individuals, vessels, and companies operating within the Iranian oil transport and sales network. These measures are part of Washington's efforts to restrict Tehran's oil revenues and funding sources.