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

November 8 - The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on November 6 that, as part of its "economic isolation campaign," it has sanctioned 8 money services businesses located in Canada, including Million Exchange, two affiliated companies operating under the name Amin Exchange, NIA Nations, Farah Exchange, CCC Inc, B Galaxy Inc (operating under the name Cryptoyal), and Darvish Exchange.

OFAC stated that the above-mentioned businesses provide exchange services between Iranian rial and other currencies and digital assets, assisting Iran in conducting international transactions. Several of them have previously transacted with sanctioned Iranian crypto trading platforms Nobitex, Wallex, Ramzinex, Bitpin, Shelbit, etc., as well as with addresses associated with the Islamic Revolutionary Guard Corps (IRGC). In addition, some of the businesses have also laundered drug proceeds for sanctioned Canadian drug trafficker and former Olympic snowboarder Ryan Wedding, converting cash into digital assets and transferring them overseas.