The United States has imposed sanctions on eight Canada-based money services businesses. The sanctions were issued on the grounds that these entities provided support to the Iranian government and facilitated the transfer of assets both into and out of Iran.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the sanctions on Friday. This action was taken under Executive Order 13902 as part of “Operation Economic Outcast.”
US authorities allege that the sanctioned entities facilitated transactions involving digital assets in exchange for various currencies, including the Iranian rial. Some of these entities are also accused of processing transactions linked to sanctioned Iranian exchanges and addresses associated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
The entities subject to these sanctions are: Million Exchange, Amin Exchange, Top PC Technician, NIA Nations Currency, Farah Exchange, CCC Incorporated, Cryptial, and Darvish Exchange.
According to the US Department of the Treasury, significant sums of money were funneled through these entities to addresses linked to the IRGC. Furthermore, digital assets worth several million dollars were transferred from an address associated with Farah Exchange to an address linked to Ryan Wedding—a Canada-based, sanctioned drug trafficker.
US Secretary of the Treasury Scott Bessent stated that Canada cannot serve as a safe haven for those who assist the Iranian government and its associates in evading sanctions. He added that the United States will continue working to shut down Iran’s illicit financial channels anywhere in the world.
