US sanctions eight Canadian money services businesses over Iran crypto ties and drug-money laundering

The US Treasury's Office of Foreign Assets Control (OFAC) announced on 6 November that it has sanctioned eight money services businesses based in Canada, accusing them of enabling the Iranian regime, evading sanctions through cryptocurrency, and laundering drug-trafficking proceeds. The action is part of Operation Economic Outcast, a Treasury campaign launched in August to cut off the financial channels sustaining the Iranian regime and its Islamic Revolutionary Guard Corps (IRGC).

The eight businesses

Six of the eight are based in Ontario and two in British Columbia, with two also giving Montreal addresses: Diverse Trade Inc (doing business as Million Exchange, in Richmond Hill, Toronto and Montreal); 1380079 BC Ltd (Amin Exchange Vancouver, in North Vancouver and Montreal); Top PC Technician Inc (Amin Exchange Toronto, in North York and Thornhill); NIA Nations Currency Ltd (NIA Exchange, in Vancouver and North Vancouver); 2397639 Ontario Ltd (Farah Exchange, in North York); CCC Inc (doing business as Sarafi C and Cryptoyal, in North York); B Galaxy Inc (Cryptoyal, in North York and Thornhill); and Darvish Exchange (Kanata MD Inc, in Richmond Hill and North York).

The designations were made under Executive Order 13902, which covers Iran's digital asset sector. Placement on the Specially Designated Nationals (SDN) list blocks any property the firms hold in the United States, bars US persons from dealing with them, and exposes non-US businesses to secondary sanctions risk.

Dealings with sanctioned Iranian exchanges; laundering for a drug trafficker

Treasury alleges the businesses converted Iranian rials and other currencies into digital assets and transacted with sanctioned Iranian cryptocurrency exchanges, including Nobitex, Wallex, Bitpin, Ramzinex, Aban Tether and Shelbit.

Amin Exchange and Farah Exchange are also accused of laundering millions of dollars in drug-trafficking proceeds for Ryan Wedding, a former Canadian Olympic snowboarder turned fugitive drug trafficker, converting bulk cash into digital assets. Wedding was arrested in Mexico City in January 2026.

Coordinated action with Canadian counterparts

The action was coordinated by OFAC with the US Financial Crimes Enforcement Network (FinCEN) and Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). On the same day, FinCEN issued a separate order requiring US financial institutions to cut off funds transfers with cryptocurrency exchange MEXC Global, citing at least $16 billion in illicit transactions, including flows linked to Iran, North Korea and Russia; that ban takes effect 30 days after the order is published in the Federal Register.

Sources: US Treasury press releases (6 November 2026, sb0685 and sb0686); OFAC designations; Reuters; Cointelegraph.