Ontario stories

Nov 6, 2026

US Treasury sanctions eight Canadian firms over Iran ties

The U.S. Treasury Department imposed sanctions on eight Canadian currency-exchange businesses, alleging they helped sanctioned Iranian entities and handled funds linked to alleged drug trafficking.

Nov 6, 20263 sources

Top claims

▪According to the U.S. Department of the Treasury, some sanctioned Canadian money services businesses assisted Ryan Wedding, a former Olympian accused by the FBI of operating a major international cocaine trafficking ring
▪The U.S. Treasury's November 6, 2026 sanctions cut the eight Canadian firms, including Million Exchange, off from the U.S. dollar financial system, freezing any assets held in the United States and barring transactions with U.S. persons or entities
▪The U.S. Department of the Treasury stated that several sanctioned Canadian money service businesses laundered proceeds by converting Iranian rials and other currencies into digital assets such as cryptocurrency to circumvent international sanctions

Topics

Economic Sanctions Crypto Sanctions Compliance Iran-U.S. tensions Iran sanctions Anti-money laundering (AML)Financial sanctions Islamic Revolutionary Guard Corps Crypto enforcement actions Federal agencies

Related entities

Canada Turkey Seychelles Iran India United States North Korea Russia