PYMNTS Intelligence found that 41% of surveyed U.S. credit union executives cited regulatory permissibility as a barrier to engaging with crypto.

Treasury sanctioned eight Canadian currency dealers, many of which had dealt with sanctioned Iranian crypto exchanges.

FinCEN’s MEXC order covers transfers of conventional funds and convertible virtual currency.

Authorities in the United States are targeting the firms that move money for sanctioned cryptocurrency exchanges.

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After sanctioning Iranian exchanges in June and August, the Treasury Department on Friday (Nov. 6) sanctioned eight Canadian currency dealers, many of which had transacted with those exchanges, according to a press release.

In a separate action Friday, the Financial Crimes Enforcement Network (FinCEN) issued a transfer ban against offshore exchange MEXC Global. FinCEN said restricting correspondent accounts alone would still leave MEXC a way to reach U.S. dollars through other foreign financial institutions.

Regulatory permission was already a concern for financial institutions weighing whether to engage with crypto. The PYMNTS Intelligence report “Credit Unions Build for Digital Money’s Next Chapter” found in September that 41% of credit union executives cited regulatory permissibility as a barrier, while 52% cited cybersecurity and fraud risk.

Friday’s actions concern payment services that financial institutions already provide. S. persons, including banks, must freeze and report property in their possession or control in which a designated Canadian firm has an interest. S. institutions from sending funds to or receiving funds from the exchange and its overseas operations.

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