The sanctions target specific Ontario and British Columbia businesses, such as Diverse Trade Inc and Darvish Exchange, that helped Tehran bypass existing American economic restrictions. Treasury Secretary Scott Bessent emphasized that Washington is actively disrupting Iran's global financial pipelines. Alongside these corporate penalties, the Financial Crimes Enforcement Network moved against Seychelles-incorporated virtual currency exchanger MEXC Global. FinCEN barred domestic institutions from handling transfers with the platform for facilitating billions in illicit transactions tied to sanctioned nations.
Key points
Washington is actively targeting foreign corporate networks that help the Iranian regime…: Washington is actively targeting foreign corporate networks that help the Iranian regime evade existing international financial restrictions.
The United States severed multiple Canadian businesses entirely from the dollar-based fin…: The United States severed multiple Canadian businesses entirely from the dollar-based financial system.
Federal regulators identified MEXC Global as a conduit for at least $16 billion in illici…: Federal regulators identified MEXC Global as a conduit for at least $16 billion in illicit transactions linked to Iran, Russia, and North Korea.
Sources checked by our analysis pipeline: 1
The sanctions effectively cut the firms off from the dollar-based financial system, blocking any assets that the firms may have in the United States and prohibiting any transactions with US persons or entities.
The actions are the latest in a series of Treasury moves against firms outside the United States that it says help Iran get around US sanctions, as Washington keeps up pressure on Tehran.
"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 Treasury identified the designated businesses in Ontario and British Columbia as Diverse Trade Inc doing business as Million Exchange, 1380079 BC Limited, Top PC Technician Inc, NIA Nations Currency Ltd, 2397639 Ontario Ltd doing business as Farah Exchange, CCC Inc and B Galaxy Inc and Darvish Exchange.
Separately, the Treasury said its Financial Crimes Enforcement Network division issued an order that also cuts off virtual currency exchanger MEXC Global from…
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