In brief
The United States imposed sanctions on eight Canadian currency‑exchange companies, accusing them of enabling Iranian entities to bypass financial restrictions and launder funds into cryptocurrency. The move, part of the Treasury’s “Operation Economic Outcast,” also cites ties to a drug‑trafficking ring. Canadian regulators confirmed cooperation with U.S. authorities in targeting the firms.
The United States announced sanctions on eight Canadian money‑exchange firms on Friday, alleging they helped Iranian entities circumvent U.S. financial restrictions.
The firms—based in Ontario and British Columbia—include Million Exchange, Amin Exchange and Cryptoyal among others.
The Treasury said the companies converted Iranian rials and other currencies into cryptocurrency, and some provided services to a suspected drug‑trafficking ring head.
FINTRAC said it had collaborated with the U.S. Financial Crimes Enforcement Network to impose the sanctions, stating it routinely works with foreign intelligence units to combat money laundering, terrorist financing and sanctions evasion.
The Treasury also highlighted an order from its FinCEN unit that barred U.S. banks from processing transfers for Seychelles‑incorporated MEXC Global, which U.S. officials say has handled at least $16 billion in illicit funds tied to Iran, North Korea and Russia, among other sanctioned actors.
US Treasury Secretary Scott Bessent said.
Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies.
The action is part of the Treasury’s “Operation Economic Outcast,” a broader campaign aimed at crippling Tehran’s economic lifelines.
The sanctions cut the firms off from the U.S. dollar‑based financial system, freezing any U.S. assets they hold and barring them from transactions with American persons or entities.
