US Treasury Sanctions 8 Canadian Money Service Businesses Involved in Iranian Crypto Asset Transactions

On November 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced that as part of its "economic isolation campaign," it has sanctioned eight Canadian-based money services firms, including Million Exchange, two affiliates operating under the name Amin Exchange, NIA Nations, Farah Exchange, CCC Inc, B Galaxy Inc (doing business as Cryptoyal), and Darvish Exchange. OFAC stated that these entities provided exchange services between Iranian rials and other currencies and digital assets, facilitating Iran’s international transactions. Multiple of the firms had previously transacted with sanctioned Iranian crypto trading platforms such as Nobitex, Wallex, Ramzinex, Bitpin, Shelbit, as well as addresses linked to the Islamic Revolutionary Guard Corps (IRGC). Additionally, some of these firms had laundered drug proceeds for sanctioned Canadian drug trafficker and former Olympic snowboarder Ryan Wedding, converting cash into digital assets before transferring the funds overseas.