U.S. sanctions 8 Canadian currency-exchange companies over links to Iran
The United States has imposed sanctions on 8 Canadian financial services companies accused of helping Iran bypass international restrictions by facilitating transactions involving sanctioned entities and cryptocurrency.
The U.S. Department of the Treasury announced the measures Friday, targeting businesses operating in Ontario and British Columbia. The companies allegedly provided financial services to Iranian networks, including entities linked to the Islamic Revolutionary Guard Corps (IRGC), which Canada has designated as a terrorist organization.
The sanctioned businesses are Diverse Trade Inc., operating as Million Exchange; 1380079 BC Limited; Top PC Technician Inc.; NIA Nations Currency Ltd.; 2397639 Ontario Ltd., operating as Farah Exchange; CCC Inc.; B Galaxy Inc.; and Darvish Exchange.
According to the Treasury Department, some of the companies helped convert Iranian rials and other currencies into digital assets, allowing sanctioned entities to move money outside traditional financial channels. Officials also alleged that several businesses changed their names or addresses to avoid detection.
The U.S. Treasury further accused three of the companies of helping Ryan Wedding, a former Canadian Olympic snowboarder accused of leading an international cocaine trafficking operation, conceal criminal proceeds.
The department said millions of dollars were converted into digital assets and transferred overseas. Wedding was arrested in January 2026.
The sanctions block any assets the companies hold in the United States and prohibit U.S. individuals and businesses from conducting transactions with them, effectively cutting them off from the American financial system.
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) confirmed it coordinated with the U.S. Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) on the action.
FINTRAC said it has revoked the registrations of 161 money services businesses since the beginning of 2026. It also reported imposing more than $198 million in administrative penalties on 9 companies over the past year for violations involving financial reporting and registration requirements.
Canadian Finance Minister’s office said there is no place in the country for financial networks that help Iran evade sanctions or support illicit activity.
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Ella Rae Greene, Editor In Chief
