The sanctions freeze all US-based assets of the eight Canadian firms, including Million Exchange, Amin Exchange, and Cryptoyal, while barring Americans from conducting business with them. Investigators revealed that the entities converted Iranian rials into cryptocurrency to launder money and processed funds tied to an alleged drug trafficking boss. The enforcement action resulted from close operational coordination between the US Financial Crimes Enforcement Network and Canada's FINTRAC. It coincided with separate prohibitions against Seychelles-based MEXC Global, which is accused of processing 16 billion dollars in illicit transfers for sanctioned nations.
Key points
The targeted Canadian firms in Ontario and British Columbia are completely cut off from t…: The targeted Canadian firms in Ontario and British Columbia are completely cut off from transactions with American individuals and entities.
The penalties form part of Operation Economic Outcast to curtail financial backing for th…: The penalties form part of Operation Economic Outcast to curtail financial backing for the Islamic Revolutionary Guard Corps and Tehran.
Washington continues expanding secondary enforcement after recently penalizing networks i…: Washington continues expanding secondary enforcement after recently penalizing networks in India and Turkiye that supported Iranian aviation and oil operations.
Sources checked by our analysis pipeline: 1
US Treasury claims firms helped sanctioned Iranian entities and handled funds linked to alleged drug trafficking boss.
The United States has imposed sanctions on eight Canadian currency-exchange businesses accused of helping Iranian entities circumvent financial sanctions.
The US Department of the Treasury announced the measures on Friday as part of what it calls “Operation Economic Outcast“.
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The Treasury said some of the businesses also laundered their proceeds by converting Iranian rials and other currencies into digital assets such as cryptocurrency, adding that some of the businesses helped an alleged head of a drug trafficking ring.
“Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies,” US Treasury Secretary Scott Bessent said in a statement.
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