US Treasury sanctions eight Canadian crypto-linked firms
Key points
- The US Treasury has sanctioned eight Canadian money services businesses accused of facilitating financial transactions for Iran-linked entities.
- The businesses allegedly converted Iranian rials and other currencies into digital assets for international transfers.
- The sanctions target financial channels allegedly supporting Iran's regime, sanctioned exchanges and other illicit actors.
The US Treasury has sanctioned eight Canadian firms accused of moving funds for Iran-linked entities through digital assets.
The businesses allegedly converted Iranian rials and other currencies into digital assets for cross-border transactions involving Iran.
“Canada cannot be a safe haven for illicit financial facilitators,” accordng to US Treasury Secretary Scott Bessent.
The Office of Foreign Assets Control (OFAC) linked many firms to sanctioned Iranian exchanges and digital asset addresses associated with the IRGC.
OFAC designated all eight businesses under Executive Order 13902, targeting Iran's digital asset sector.
Treasury launched Operation Economic Outcast in August to disrupt Iran's use of cryptocurrency for sanctions evasion.
Treasury also linked several firms to Canadian drug trafficker Ryan Wedding, alleging they moved millions in drug proceeds through digital assets.
The designations extend US sanctions enforcement to overseas money services businesses facilitating Iran-linked digital asset transactions.
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