OFAC blocks eight Canadian money services businesses over Iranian crypto evasion

The US Treasury Department’s Office of Foreign Assets Control (OFAC) on 6 November 2026 designated eight Canadian money services businesses under Executive Order 13902, alleging that they enabled Iran’s regime, sanctioned Iranian entities and other illicit actors to move assets into and out of Iran. Treasury said the businesses exchanged Iranian rials and other currencies for digital assets, and that many transacted with sanctioned Iranian exchanges or digital-asset addresses associated with the Islamic Revolutionary Guard Corps (IRGC).

The designated entities are Diverse Trade Inc, doing business as Million Exchange; 1380079 BC Limited, doing business as Amin Exchange; its closely associated affiliate Top PC Technician Inc, also trading as Amin Exchange; NIA Nations Currency Ltd; 2397639 Ontario Ltd, doing business as Farah Exchange; CCC Inc; B Galaxy Inc, doing business as Cryptoyal; and Darvish Exchange. The action was coordinated with FinCEN, Canada’s FINTRAC and the Drug Enforcement Administration as part of Treasury’s Operation Economic Outcast.

For US persons, the designations require all property and interests in property of the blocked entities in the United States, or in their possession or control, to be blocked and reported to OFAC. The prohibition also covers entities owned directly or indirectly, individually or in aggregate, at least 50% by one or more blocked persons. US persons generally may not transact with the designated firms or provide or receive funds, goods or services involving them without authorisation or an exemption.

Treasury’s allegations

Treasury said digital-asset addresses associated with Million Exchange sent hundreds of thousands of dollars to addresses linked to the IRGC or terrorism-related activity. It also alleged that the business converted cash from drug sales into digital assets and sent them abroad.

Addresses associated with Amin Exchange received hundreds of thousands of dollars from the sanctioned Shelbit exchange, while Treasury said Amin laundered millions of dollars in Canadian drug proceeds. NIA Nations addresses transacted with the IRGC and the sanctioned Nobitex, Wallex, Ramzinex and Bitpin exchanges. Farah Exchange addresses transacted with Shelbit and Wallex, sent digital assets to terrorism-linked addresses and transferred millions of dollars’ worth of digital assets to addresses associated with Wedding.

Treasury said CCC’s address received hundreds of thousands of dollars in digital assets from terrorism-linked addresses. B Galaxy advertised unlimited digital-asset exchanges for Iranian currencies, while Darvish Exchange addresses transacted with Nobitex, Wallex, Aban Tether Exchange and Shelbit.

Several of the firms also worked with Canadian drug trafficker and former Olympic snowboarder Ryan Wedding, Treasury said. Wedding was apprehended in January 2026 after allegedly using money exchange businesses in Vancouver and Toronto to convert drug proceeds into digital assets and send them abroad.

Exposure for non-US firms

The prohibitions extend beyond US persons. Treasury said non-US persons may face sanctions exposure for causing or conspiring to cause US persons to violate sanctions, or for engaging in conduct that evades them. Financial institutions and other businesses may also risk sanctions for transactions or activities involving designated or otherwise blocked persons.

OFAC may impose civil penalties on a strict-liability basis, meaning a violation does not necessarily require proof that the business knew it was dealing with blocked property. Screening therefore needs to capture the companies’ legal names, trading names, affiliates and ownership, including the two Amin Exchange entities and the aliases identified by Treasury. The department said several designated firms had changed business names and addresses in attempts to evade detection.

The action follows OFAC’s 2 June designations of Nobitex, Wallex, Bitpin and Ramzinex, and its 7 August designations of Aban Tether Exchange and Shelbit. Treasury said Operation Economic Outcast, launched in August, is intended to disrupt Iran’s use of digital assets to fund terrorism, human-rights abuses and attacks on US personnel and allies.