Treasury blacklists eight Canadian money services businesses it says swapped Iranian rials for crypto, some sending funds to IRGC-linked addresses

The U.S. Treasury has cut off eight Canadian currency exchange businesses that it accuses of acting as a crypto bridge for Iran. The Office of Foreign Assets Control designated the firms, most in Ontario and two in British Columbia, on Friday, November 6, as part of Operation Economic Outcast, its campaign against the Iranian government's financial channels.

According to Treasury, the businesses offer exchanges between Iranian rials and digital assets. The firms named include Million Exchange, Farah Exchange and Darvish Exchange in Ontario and NIA Nations Currency in British Columbia. Treasury says their addresses dealt with sanctioned Iranian platforms including Nobitex, Wallex, Ramzinex, Bitpin, Shelbit and Aban Tether, and that some sent funds to addresses linked to the IRGC or terrorism. Several changed their names and addresses to avoid detection, it says.

"Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies," Treasury Secretary Scott Bessent said.

The action was coordinated with FinCEN, Canada's financial intelligence unit FINTRAC and the Drug Enforcement Administration. Any of the firms' property in the United States or controlled by Americans is blocked, and Americans are generally barred from dealing with them.