U.S. Treasury sanctions eight Canadian money services businesses over Iranian sanctions evasion

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eight money services businesses in Canada that it identified as facilitating Iranian sanctions evasion through digital assets. The firms converted Iranian rials and other currencies into digital assets for international transactions involving Iran. Many transacted with sanctioned Iranian exchanges or addresses associated with the Islamic Revolutionary Guard Corps. The action extends Operation Economic Outcast, launched in August to disrupt the Iranian regime’s financial channels. Treasury also linked several of the businesses to sanctioned Canadian drug trafficker Ryan Wedding before his arrest in January 2026. Million Exchange and Amin Exchange converted cash drug proceeds into digital assets that Wedding directed abroad. Farah Exchange sent millions of dollars in digital assets to addresses associated with Wedding, alongside transactions involving sanctioned Iranian exchanges. The designations were imposed under Executive Order 13902 for operating in Iran’s digital asset sector. The firms’ property within the United States or held or controlled by U.S. persons is blocked and must be reported to OFAC. Entities owned 50 percent or more, directly or indirectly and individually or collectively, by blocked persons are also blocked. Unless authorized or exempt, transactions involving blocked property by U.S. persons or within or transiting the United States are generally prohibited.