Treasury sanctions eight Canadian money exchanges moving cash for Iran's regime and IRGC

The Treasury Department sanctioned eight Canada-based money services businesses on Friday for helping the Iranian regime move money in and out of the country, part of what it calls Operation Economic Outcast.

According to Treasury's Office of Foreign Assets Control, the Ontario and British Columbia firms swap Iranian rials and other currencies for digital assets, and many have transacted with sanctioned Iranian crypto exchanges such as Nobitex and Wallex and with wallet addresses tied to the Islamic Revolutionary Guard Corps. Treasury said some also sent digital assets to terrorism-linked addresses.

Several of the businesses also laundered drug money for narcotrafficker and former Olympic snowboarder Ryan Wedding, Treasury said, turning street cash into crypto and sending it abroad. The designated firms include Million Exchange, Amin Exchange, NIA Nations Currency, Farah Exchange, CCC Inc., B Galaxy (Cryptoyal) and Darvish Exchange. Their U.S.-linked assets are frozen and they carry secondary sanctions risk.