U.S. Sanctions Eight Canadian Money-Service Businesses Over Iran Finance Links

The United States imposed sanctions on eight Canadian money-service businesses on November 6, saying they helped Iran's government and sanctioned Iranian entities move funds internationally. The Treasury Department announced the designations under Operation Economic Outcast, targeting financial channels it said were connected to the Islamic Revolutionary Guard Corps. Treasury said the businesses exchanged Iranian rials and other currencies for digital assets that could be transferred across borders. It alleged that many processed transactions involving sanctioned Iranian exchanges or digital addresses associated with the IRGC. Treasury Secretary Scott Bessent said, “Treasury will pursue and disrupt the Iranian regime’s financial channels anywhere in the world.” The department said it coordinated the action with the U.S. Financial Crimes Enforcement Network, Canada's financial intelligence agency FINTRAC and the U.S. Drug Enforcement Administration. The designations cover Diverse Trade, which operates as Million Exchange; 1380079 BC Limited and Top PC Technician, both associated with Amin Exchange; NIA Nations Currency; 2397639 Ontario, operating as Farah Exchange; CCC; B Galaxy, operating as Cryptoyal; and Darvish Exchange. Treasury alleged that Million Exchange's addresses transferred hundreds of thousands of dollars to IRGC-associated or other terrorism-related addresses. It said NIA Nations also transacted with IRGC-linked addresses and sanctioned Iranian exchanges. The measures were issued under Executive Order 13902. Property and interests in property of the designated businesses within U.S. jurisdiction or controlled by U.S. persons are blocked and must be reported to OFAC. The restrictions also apply to entities owned 50% or more by blocked persons. U.S.-linked transactions involving blocked property are generally prohibited unless authorized or exempt.