U.S. Sanctions 8 Canadian Crypto Firms Over Alleged Iran Sanctions Evasion
The U.S. Treasury Department has imposed sanctions on eight Canadian money services businesses accused of helping Iran bypass financial restrictions through cryptocurrency transactions. Announced on November 6, 2026, the measures target companies operating in Ontario and British Columbia. U.S. officials allege the firms converted Iranian rials and other currencies into digital assets, allowing sanctioned entities to transfer funds internationally.
The crackdown forms part of Operation Economic Outcast, Washington’s campaign against financial networks supporting Iran. According to the Treasury, several targeted businesses processed transactions involving sanctioned Iranian cryptocurrency exchanges and digital wallets associated with the Islamic Revolutionary Guard Corps (IRGC).
U.S. Treasury Targets Canadian Crypto Networks
The Treasury’s Office of Foreign Assets Control (OFAC) identified eight businesses allegedly involved in facilitating prohibited financial activities. They include Million Exchange, Amin Exchange-related companies, NIA Nations Currency, Farah Exchange, CCC Inc, B Galaxy Inc, and Darvish Exchange.
Authorities claim some businesses helped move substantial amounts of cryptocurrency through addresses connected to sanctioned Iranian organizations. Several companies also allegedly facilitated money laundering linked to Canadian drug trafficker Ryan Wedding.
Treasury Secretary Scott Bessent warned that Canada must not become a financial refuge for businesses helping Iran evade international restrictions. He emphasized that Washington would continue targeting financial channels supporting sanctioned Iranian entities worldwide.
The sanctions freeze any assets belonging to the designated businesses that fall under U.S. jurisdiction. They also generally prohibit American individuals and companies from conducting transactions involving the sanctioned entities.
Canada Coordinates With U.S. Financial Authorities
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) confirmed its coordination with American authorities on the enforcement action. The agency emphasized its ongoing efforts to combat money laundering, terrorist financing, and sanctions evasion involving digital assets.
The development highlights growing regulatory scrutiny of cryptocurrency services that facilitate international payments. Although digital assets enable faster cross-border transfers, authorities remain concerned about their potential use in bypassing traditional financial restrictions.
Broader Crypto Enforcement Expands
In a separate action, U.S. authorities restricted financial transfers involving cryptocurrency exchange MEXC Global. Regulators alleged the platform facilitated at least $16 billion in illicit transactions connected to Iran, North Korea, Russia, and other sanctioned actors.
The latest enforcement measures signal increasing pressure on cryptocurrency exchanges and money service providers handling high-risk international transactions. Businesses operating across borders may face greater compliance demands as regulators intensify efforts to identify suspicious digital asset flows.
