The US Treasury has sanctioned eight Canadian money services businesses accused of helping Iran evade financial restrictions through cryptocurrency transactions. The Office of Foreign Assets Control (OFAC) designated the firms, which operate in Ontario and British Columbia, under Executive Order 13902, according to a November 7 Treasury Department press release.
Separately, the Financial Crimes Enforcement Network (FinCEN) issued an order targeting MEXC Global over at least $16 billion in illicit transactions, activity that reportedly included transactions connected to Iran sanctions evasion. Together, the actions expand Washington’s efforts to restrict the use of digital assets in sanctions evasion and criminal finance.
Designated Firms and Allegations
The eight designated businesses are Million Exchange, Amin Exchange, NIA Nations, Farah Exchange, CCC Inc, Cryptoyal, and Darvish Exchange. The list also includes Top PC Technician Inc, an affiliate of 1380079 BC Limited; both companies operate under the Amin Exchange name.
Treasury alleges these businesses converted Iranian rials and other currencies into digital assets, allowing customers to move money across borders despite existing financial restrictions. Several companies allegedly transacted with sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, Ramzinex, and Shelbit. Their associated cryptocurrency addresses also received or transferred funds linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).
The investigation also uncovered connections to Canadian drug trafficking. Treasury said several designated businesses helped launder proceeds for Ryan Wedding, a sanctioned Canadian drug trafficker and former Olympic snowboarder. According to the department, Wedding used cash couriers to deliver drug proceeds to money services businesses, which converted the cash into digital assets before transferring funds abroad.
Operation Economic Outcast and Enforcement Context
The latest designations form part of Operation Economic Outcast, launched by Treasury in August to disrupt financial channels supporting Iran’s regime and its Islamic Revolutionary Guard Corps. Cryptocurrency plays a central role in the enforcement concerns because digital assets can move across borders. However, converting cash into cryptocurrency does not automatically remove transaction records or eliminate sanctions exposure; blockchain transactions create publicly accessible records that investigators can examine.
Treasury coordinated the latest action with FinCEN and Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). The Drug Enforcement Administration also participated in the broader enforcement effort. The department previously sanctioned Iranian exchanges Nobitex, Wallex, Bitpin, and Ramzinex in June 2026, and designated Aban Tether Exchange and Shelbit in August.
FinCEN’s separate action against MEXC adds another enforcement front. Treasury said the order effectively cuts off the exchange’s access to the US financial system over at least $16 billion in illicit transactions.
Implications for Crypto Intermediaries
The consequences extend beyond the designated businesses. OFAC restrictions generally block their property under US jurisdiction and prohibit transactions involving US persons, unless an exemption or license applies. Foreign individuals and companies can also face penalties for violating or helping evade US sanctions. For crypto exchanges, payment providers, and intermediaries, the message is clear: digital asset transactions involving sanctioned networks can create serious legal exposure.
