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U.S. Treasury sanctions eight Canadian exchanges over Iran-linked digital asset flows

The U.S. Treasury has sanctioned eight Canadian money services businesses accused of converting Iranian rials into crypto assets to help Tehran evade sanctions, launder funds, and support the Islamic Revolutionary Guard Corps.

A speaker at a wooden podium bearing the official seal of the U.S. Department of the Treasury, flanked by American and department flags.
Image: @MarioNawfal

The U.S. Department of the Treasury's Office of Foreign Assets Control designated eight Canadian money services businesses for facilitating digital asset transactions that benefit the Iranian regime and networks tied to the Islamic Revolutionary Guard Corps. Carried out under Operation Economic Outcast, the enforcement action targets currency exchanges accused of converting Iranian rials and other currencies into cryptocurrencies to move funds internationally and evade sanctions. According to a Treasury release, several of the targeted entities also conducted business with narcotrafficker and former Olympic snowboarder Ryan Wedding.[1][2][3]

The sanctioned Canadian firms include Amin, Farah, Cryptoyal, Darvish, Million Exchange, and Nia Nations Exchange, with operations based in Toronto, Vancouver, and Montreal. Associated TRON blockchain wallets were also flagged by authorities alongside warnings of secondary sanctions. Alongside the sanctions package, the Treasury offered a reward of up to $20 million for information regarding Iran's nuclear program.[2][4][5]

On-chain investigator ZachXBT noted that the enforcement action arrived roughly five months after he publicly urged Treasury officials to blacklist Canadian over-the-counter crypto brokers, specifically identifying Nia Nations Exchange and Million Exchange for laundering illicit funds. Reacting to the designations, ZachXBT described Canada as a bottom-three jurisdiction globally, citing rampant abuse stemming from ineffective laws.[3][4]

Key facts

  • The U.S. Treasury's Office of Foreign Assets Control sanctioned eight Canadian money services businesses as part of Operation Economic Outcast.
  • The designated exchanges allegedly converted Iranian rials into digital assets to facilitate transactions tied to Iran and the Islamic Revolutionary Guard Corps.
  • The sanctioned entities include Amin, Farah, Cryptoyal, Darvish, Million Exchange, and Nia Nations Exchange, located in Toronto, Vancouver, and Montreal.
  • U.S. officials flagged associated TRON wallets and warned of potential secondary sanctions.
  • Treasury stated that several targeted firms also worked with narcotrafficker and former Olympic snowboarder Ryan Wedding.
  • The U.S. Treasury offered up to $20 million for information regarding Iran's nuclear program.
  • On-chain researcher ZachXBT highlighted that the sanctions followed his June 2026 warning about Iranian OTC brokers in Canada, calling the country a bottom-three jurisdiction globally due to ineffective laws.

Sources · 5 sources

  1. PO

    Polymarket@PolymarketPost on X ·

    JUST IN: U.S. Treasury sanctions 8 Canadian financial firms accused of helping Iran evade sanctions & launder money through cryptocurrency.

    Open source
  2. MN

    Mario Nawfal@MarioNawfalPost on X ·

    🇺🇸🇨🇦🇮🇷 U.S. Treasury BLACKLISTS 8 Canadian currency exchanges for moving Iranian funds. The firms, including Amin, Farah, Cryptoyal, Darvish, Million, and NIA, were sanctioned for converting Iranian rials into digital assets benefiting the regime and IRGC-linked networks. Associated TRON wallets were also flagged, with warnings of secondary sanctions. The designations target money-service businesses in Toronto, Vancouver, and Montreal accused of facilitating Iranian digital-asset flows. Source: U.S. Treasury / Writer: Lucas

    Open source
  3. SO

    SolanaFloor@SolanaFloorPost on X ·

    NEW: The U.S. Treasury has sanctioned eight Canadian OTC firms over alleged Iran sanctions evasion. @zachxbt calls Canada a “bottom-three jurisdiction globally” with “rampant abuse due to ineffective laws.” https://t.co/eknLTAx8xH

    Open source
  4. DN

    DEGEN NEWS@DegenerateNewsPost on X ·

    NEW: @zachxbt DOUBLES DOWN, SAYS CANADA IS A "BOTTOM-THREE JURISDICTION GLOBALLY WITH RAMPANT ABUSE DUE TO INEFFECTIVE LAWS" COMES AFTER @USTreasury SANCTIONED 8 CANADIAN OTCS LINKED TO IRAN SOURCE: https://t.co/iA43athJ33 https://t.co/DyXOlIR1hN

    Open source
  5. CO

    Cointelegraph@CointelegraphPost on X ·

    🚨 JUST IN: The US Treasury sanctioned 8 Canadian money-service firms over alleged crypto transactions linked to Iran and offered up to $20 million for information on Iran’s nuclear program. https://t.co/KCZJYdn7Z4

    Open source