The United States has sanctioned eight Canadian money services businesses accused of helping Iran evade financial restrictions through cryptocurrency, in an action announced on Friday, 6 November.

The Treasury Department's Office of Foreign Assets Control (OFAC) said the firms converted Iranian rials and other currencies into digital assets for sanctioned Iranian entities. The action is part of Operation Economic Outcast, launched in August to cut off funding channels for the Iranian regime and its Islamic Revolutionary Guard Corps (IRGC).

The firms named

The eight designated businesses are Million Exchange, Amin Exchange, NIA Nations Currency, Farah Exchange, CCC Inc, Cryptoyal and Darvish Exchange, along with an Amin Exchange affiliate, Top PC Technician Inc. They operate in Ontario and British Columbia.

Treasury said the firms dealt with Iranian digital asset exchanges already under sanctions, including Nobitex, Wallex, Bitpin, Ramzinex, Shelbit and Aban Tether, with some addresses linked to the IRGC or terrorism-related activity.

Drug money link

Several of the firms were also accused of laundering drug-trafficking proceeds for Ryan Wedding, a former Canadian Olympic snowboarder and convicted drug trafficker arrested in January 2026. Treasury said Wedding used couriers to deliver bulk cash to exchange businesses in Toronto, Montreal and Vancouver, where it was converted into digital assets and sent abroad.

"Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies," Treasury Secretary Scott Bessent said.

What the sanctions mean

The designations were imposed under Executive Order 13902, which targets Iran's digital asset sector. All of the firms' property within US jurisdiction is blocked, and US persons are barred from dealing with them. It was coordinated with the Treasury's Financial Crimes Enforcement Network, Canada's FINTRAC and the US Drug Enforcement Administration.

[Source: US Department of the Treasury](https://home.treasury.gov/news/press-releases/sb0686) | [Source: Basis Desk](https://basisdesk.news/news/ofac-sanctions-canadian-msb-crypto-iran-wedding)