The U.S. Treasury designated eight Canadian money services businesses for allegedly facilitating illicit transactions for Iran's regime and its Islamic Revolutionary Guard Corps. The action blocks all U.S.-linked assets tied to the entities and widens Washington's campaign against digital-asset-enabled sanctions evasion.
The U.S. Department of the Treasury designated eight Canadian money services businesses on Friday for allegedly facilitating illicit transactions on behalf of the Iranian regime and its Islamic Revolutionary Guard Corps. Under Operation Economic Outcast, the action blocks all U.S.-linked assets tied to the Ontario and British Columbia-based entities.
Those sanctioned entities include Million Exchange, Amin Exchange, Farah Exchange and NIA Nations Currency. They allegedly allowed Iranian counterparties to convert rials into cryptocurrencies and interact with previously designated exchanges such as Nobitex and Shelbit. In several cases, federal authorities noted that Ryan Wedding, the former Olympic snowboarder accused of directing an international cocaine trafficking ring, also used these channels to launder cash proceeds into digital assets.
Canada's regulator tightens enforcement
Authorities coordinated the measures with Canada's financial intelligence unit, FINTRAC, and the U.S. Financial Crimes Enforcement Network. Treasury Secretary Scott Bessent emphasized that cross-border money services cannot serve as havens for state-sponsored sanctions evasion.
Separately, the action coincides with pressure inside Canada, where FINTRAC has already revoked the registrations of 161 money services businesses in 2026 amid stricter enforcement of virtual asset protocols. However, the move also lands amid existing cross-border trade frictions between Washington and Ottawa.
Source: Investing.com
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