US Treasury Sanctions 8 Canadian Money Services Businesses, Two of Which Were Named by ZachXBT

November 8 — The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on November 6 added eight Canadian money services businesses accused of aiding the Iranian regime to the SDN sanctions list as part of "Operation Economic Outcast," including Nia Nations Currency (NNCE), Diverse Trade Inc (also known as Million Exchange/MillionEx), Amin Exchange, Farah Exchange and Darvish Exchange, and listed several related TRON addresses.

On-chain sleuth ZachXBT said in a Telegram post that he had suggested on X in June this year that the U.S. Treasury sanction Canadian Iran-focused over-the-counter traders that are abused by malicious actors, noting that Nia Nations and Million Exchange had been used to launder crypto assets in recent violent home invasion robbery and extortion cases. ZachXBT also said that, because its relevant legal powers are insufficient, Canada is one of the three worst-regulated jurisdictions in the world.