US Treasury Sanctions 8 Canadian Money Services Businesses for Iran-Related Crypto Transactions

November 7 — According to Cointelegraph, the US Treasury Department has imposed financial sanctions on eight Canadian money services businesses, accusing them of transacting with sanctioned Iranian entities. The Treasury said these firms facilitated the conversion of the Iranian rial and other currencies into digital assets, thereby supporting international transactions.

US Treasury Secretary Scott Bessent said Canada cannot be a safe haven for illicit financial facilitators providing sanctions-evasion services to the Iranian regime and its proxies, and that the Treasury will pursue and disrupt the Iranian regime's financial channels anywhere in the world. The Treasury said the firms facilitated transactions with sanctioned Iranian digital asset exchanges and with digital asset addresses linked to Iran's Islamic Revolutionary Guard Corps. Some of the sanctioned entities had evaded detection by changing their names and addresses. The action was coordinated with Canada's financial intelligence unit, FINTRAC. In addition, the US "Rewards for Justice" program announced on Friday that it is offering up to $20 million and possible relocation in exchange for information about Iran's nuclear program.