The crackdown targets eight entities in Ontario and British Columbia that converted Iranian rials into digital assets, connecting directly with exchanges tied to the Islamic Revolutionary Guard Corps. In tandem, the Financial Crimes Enforcement Network moved to ban domestic financial institutions from conducting transactions with Seychelles-based crypto platform MEXC Global. This regulatory action follows findings that the exchange handled at least $16 billion in illicit volume linked to sanctioned states, including Iran, Russia, and North Korea. The order against the offshore platform will formally take effect 30 days following its publication in the Federal Register.
Key points
Foreign entities that facilitate transactions for the Iranian regime will lose their oper…: Foreign entities that facilitate transactions for the Iranian regime will lose their operational access to the United States financial system.
Coordinated regulatory enforcement between American and Canadian authorities prevents cro…: Coordinated regulatory enforcement between American and Canadian authorities prevents cross-border jurisdictions from functioning as safe harbors for illicit financing.
The restrictions against MEXC Global will formally prohibit American financial institutio…: The restrictions against MEXC Global will formally prohibit American financial institutions from processing platform transfers 30 days after Federal Register publication.
Sources checked by our analysis pipeline: 1
The US Treasury Department has imposed financial sanctions on eight money services firms based in Canada, alleging that they facilitated transactions with sanctioned Iranian entities.
The sanctions effectively cut the firms off from the US dollar-based financial system, blocking any assets they may hold in the United States and prohibiting transactions with US persons or entities.
"Canada is home to hundreds of money services businesses that enable the movement of funds into and out of Iran, both through cash-based value transfer systems and by converting cash into digital assets to send across borders", the department wrote in its release.
US Treasury secretary Scott Bessent defended the move, saying, “Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies.” He added, “Treasury will pursue and disrupt the Iranian regime’s financial channels anywhere in the world.”
The Treasury’s Office of Foreign Assets Control (OFAC) named the eight businesses as Diverse Trade Inc, operating as Million Exchange; 1380079 BC Limited; Top PC Technician Inc; NIA Nations Currency Ltd; 2397639 Ontario Ltd,…
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