US sanctions 8 Canadian money services over alleged Iran crypto links

The action, conducted under Operation Economic Outcast, targets entities based in Ontario and British Columbia and blocks their assets subject to U.S. jurisdiction as Washington intensifies efforts to combat cryptocurrency-related sanctions evasion. Among the sanctioned businesses are Million Exchange, Amin Exchange, Farah Exchange, and NIA Nations Currency.

U.S. authorities allege that these companies enabled Iranian individuals and organizations to convert Iranian rials into digital currencies and conduct transactions through previously sanctioned cryptocurrency platforms, including Nobitex and Shelbit., some of these financial channels were also allegedly used by Ryan Wedding, a former Olympic snowboarder accused of leading an international cocaine trafficking network, to launder criminal proceeds through digital assets.

The enforcement action was coordinated with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) and the U.S. Financial Crimes Enforcement Network (FinCEN). It highlights growing regulatory scrutiny of non-bank financial service providers and cryptocurrency networks operating across North America.

U.S. Treasury Secretary Scott Bessent stressed that international money services businesses must not facilitate sanctions evasion on behalf of governments or other designated entities. The move underscores Washington's continued focus on financial intermediaries suspected of enabling illicit cross-border transactions, regardless of where they operate.

The sanctions also come as Canadian authorities increase oversight of the financial services sector. FINTRAC has reportedly revoked the registrations of 161 money services businesses in 2026 as part of stricter enforcement measures targeting compliance failures and virtual asset-related risks.

The latest U.S. action comes amid ongoing trade and diplomatic tensions between Washington and Ottawa, adding another dimension to cross-border cooperation and regulatory challenges involving financial security, cryptocurrency transactions, and sanctions enforcement.