US sanctions eight Canadian money services businesses over Iran links
The United States sanctioned eight Canadian money services businesses accused of using cryptocurrency to facilitate Iranian sanctions evasion, with Treasury also alleging that several helped move drug proceeds for Canadian trafficker Ryan Wedding.
WASHINGTON, November 6, 2026 — The Treasury Department’s Office of Foreign Assets Control imposed the sanctions under Executive Order 13902 for operating in Iran’s digital asset sector. The action, part of Operation Economic Outcast, was coordinated with the Financial Crimes Enforcement Network, Canada’s financial intelligence unit FINTRAC and the Drug Enforcement Administration, Treasury said. U.S. Department of the Treasury
The businesses added to the Specially Designated Nationals List were Diverse Trade Inc., operating as Million Exchange; 1380079 BC Ltd., known as Amin Exchange Vancouver; Top PC Technician Inc., known as Amin Exchange Toronto; NIA Nations Currency Ltd.; 2397639 Ontario Ltd., operating as Farah Exchange; CCC Inc.; B Galaxy Inc.; and Darvish Exchange. OFAC also identified seven cryptocurrency addresses associated with four of the businesses and flagged all eight entities for secondary sanctions risk under the executive order. Office of Foreign Assets Control
Treasury alleged that the firms converted Iranian rials and other currencies into digital assets to facilitate international transfers involving Iran. It said several transacted with sanctioned Iranian exchanges or cryptocurrency addresses associated with the Islamic Revolutionary Guard Corps. Million Exchange, Amin Exchange Vancouver and Farah Exchange also allegedly handled funds linked to Wedding. U.S. Department of the Treasury
The designations freeze property within U.S. jurisdiction and generally prohibit U.S. persons from dealing with the businesses unless authorized or exempt. Entities owned 50% or more, directly or indirectly and individually or collectively, by blocked persons are also blocked.
Foreign financial institutions and other parties could face sanctions exposure for certain dealings with the designated businesses.
Regulatory Actions
Structured data extracted from official sources and validated by sanctions experts