U.S. Treasury sanctions 8 Canadian money services firms over Iran-related transactions
The U.S. Treasury Department announced on November 6 that it had imposed financial sanctions on eight money services companies based in Canada, accusing them of facilitating transactions with sanctioned Iranian entities. The sanctions will cut off these companies from the dollar system, freeze any assets they may hold in the United States, and prohibit any transactions with U.S. persons or entities.
The action is part of “Operation Economic Outcast” and was carried out by OFAC under Executive Order 13902. The Treasury said these companies exchanged Iranian rials and other currencies for digital assets to facilitate international transactions involving Iran, with many having dealings with sanctioned Iranian digital asset exchanges and addresses associated with the Islamic Revolutionary Guard Corps (IRGC). Some companies also had business dealings with Ryan Wedding, a Canadian drug trafficker already sanctioned by OFAC.
The companies listed by the Treasury include Diverse Trade Inc (doing business as Million Exchange), 1380079 BC Limited, Top PC Technician Inc, NIA Nations Currency Ltd, 2397639 Ontario Ltd (doing business as Farah Exchange), CCC Inc, B Galaxy Inc, and Darvish Exchange, located in Ontario and British Columbia, respectively. Treasury Secretary Scott Bessent said that Canada cannot become a safe haven for illicit financial intermediaries providing sanctions evasion services to the Iranian regime and its proxies.
Original source:
Title: US Treasury sanctions Canadian money services firms over Iran-related transactions Publisher: Reuters Publication date: 2026-11-06 URL: https://www.reuters.com/world/middle-east/us-treasury-sanctions-canadian-money-services-firms-over-iran-related-2026-11-06/ Source type: media report (quoting Treasury statement) Verification status: Reuters' full text and the Treasury press release were cross-checked for this reading, verification date 2026-11-06 Supporting content: supports all core facts in the body, the company list, the sanctions effects, and Bessent's reported statement
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On November 6, OFAC added eight Canadian money services companies to the Specially Designated Nationals list under Executive Order 13902. The companies are located in Ontario and British Columbia, and their business includes converting Iranian rials into digital assets. The Treasury alleged that many of them had transactions with sanctioned Iranian digital asset exchanges and IRGC-linked addresses, and that some also had dealings with Ryan Wedding, the sanctioned former Olympic skier accused of running a large cocaine network.
In terms of capital flows, the sanctions cut off these companies from the dollar clearing system, preventing them from completing cross-border transactions through U.S. banks or dollar intermediaries. Digital asset exchanges have become one channel for funds moving into and out of Iran-related activity, and OFAC is trying to disrupt that channel by designating these Canadian intermediaries. The action was coordinated with Canada's financial intelligence unit, Fintrac.
Compared with previous sanctions against Iranian digital asset exchanges or IRGC financial networks, this action directly targets third-country money services providers. The similarity is that both rely on EO 13902 to target Iran's digital asset sector; the key difference is that the targets are in Canada rather than inside Iran, and the case is also linked to drug-money-laundering allegations. Bessent's statement frames Canada as a place that should not become a safe haven for evasion channels.
For the sanctioned companies, being cut off from the dollar system will limit their international business, especially the parts involving digital assets and fiat currency exchange. For Iran-related funds, the public designation of Canadian intermediary channels increases the compliance risk of subsequent transactions. For the United States, the move continues the strategy of pressuring Iran's financial channels through third-country intermediaries, with the specific effect depending on whether these companies can continue operating through non-dollar channels.
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The sanctions cut the eight Canadian companies off from the dollar system, freeze their assets in the United States, and prohibit them from transacting with U.S. persons.
The allegations involve converting Iranian rials into digital assets and dealings with sanctioned Iranian exchanges and IRGC addresses.
Some companies also had business dealings with the sanctioned Ryan Wedding, causing the sanctions to cover both Iranian funds and drug-money-laundering channels.