The US Treasury Department has sanctioned eight Canadian money service businesses, alleging they helped Iran’s regime move money through digital assets. Treasury announced the action on November 6 under what it calls Operation Economic Outcast, coordinated with FinCEN, Canada’s financial intelligence unit FINTRAC and the Drug Enforcement Administration, according to the Treasury press release.
The designated firms include Million Exchange, Amin Exchange entities, NIA Nations Currency, Farah Exchange, CCC Inc, B Galaxy Inc, which does business as Cryptoyal, and Darvish Exchange. Treasury says they are based in Ontario and British Columbia. According to the release, several of them exchanged Iranian rials and other currencies for digital assets, and their crypto addresses transacted with sanctioned Iranian exchanges such as Nobitex, Wallex and Shelbit and with addresses associated with the Islamic Revolutionary Guard Corps. Treasury described the sums as “hundreds of thousands of dollars” in several cases. These are Treasury’s allegations, and the firms have not been reported to have responded.
Treasury also alleges some firms laundered drug proceeds by converting bulk cash into crypto, including for sanctioned Canadian trafficker Ryan Wedding, who was apprehended in January 2026.
Treasury Secretary Scott Bessent said, “Canada cannot be a safe haven for illicit financial facilitators.” Property of the designated firms under US control is blocked, and dealing with them is generally prohibited for US persons. Cointelegraph noted the move follows earlier Treasury actions against crypto exchanges tied to the IRGC.
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