The Department of the Treasury’s Office of Foreign Assets Control on November 6 designated eight money services businesses based in Canada that enable the Iranian regime, sanctioned entities associated with the regime, and other illicit actors that move assets into and out of Iran.
As part of Operation Economic Outcast, the action targets companies that facilitate the exchange of Iranian rials and other currencies for digital assets to enable international transactions involving Iran. Many of these businesses have facilitated transactions with sanctioned Iranian digital asset exchanges, as well as with digital asset addresses associated with Iran’s Islamic Revolutionary Guard Corps (IRGC). The State Department described the designations as action against eight digital asset service providers that help the Iranian regime evade sanctions and fund terrorism.
“Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies,” said Secretary of the Treasury Scott Bessent. “Treasury will pursue and disrupt the Iranian regime’s financial channels anywhere in the world.”
The designated entities are Diverse Trade Inc (doing business as Million Exchange), 1380079 BC Limited and Top PC Technician Inc (both doing business as Amin Exchange), NIA Nations Currency Ltd, 2397639 Ontario Ltd (doing business as Farah Exchange), CCC Inc, B Galaxy Inc (doing business as Cryptoyal), and Darvish Exchange. Several of the targets also worked with narco-trafficker and former Olympic snowboarder Ryan Wedding, who was apprehended in January 2026. Wedding used money exchange businesses in the Vancouver and Toronto areas to launder billions of dollars in drug proceeds, converting cash to digital assets for transfer abroad.
This action was coordinated with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and FINTRAC, Canada’s financial intelligence unit, as well as the Drug Enforcement Administration (DEA). It reflects the Trump Administration’s whole-of-government effort to combat the illicit use of digital assets for drug trafficking. The designations follow previous OFAC sanctions on Iranian digital asset exchanges, including the June 2, 2026 designations of Nobitex, Wallex, Bitpin, and Ramzinex, and the August 7, 2026 designations of Aban Tether Exchange and SHPS Shelbit.
The State Department noted that several of the designated businesses also laundered proceeds from drug trafficking, showing how the same illicit networks serve both Iran and criminal organizations. As part of Operation Economic Outcast, launched in August to sever economic lifelines sustaining the Iranian regime and its IRGC, the United States will continue to cut off revenue used for terrorism, weapons proliferation, and proxies. The designations are imposed pursuant to Executive Order 13902, which targets the Iranian digital asset sector among other key sectors of the Iranian economy.
As a result of this action, all property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked. OFAC’s regulations generally prohibit all transactions by U.S. persons or within the United States that involve any property or interests in property of designated persons. Violations of U.S. sanctions may result in civil or criminal penalties.