On November 6, 2026, the US Treasury sanctioned eight Canadian currency exchange firms in Ontario and British Columbia for facilitating Iranian sanctions evasion and laundering proceeds into cryptocurrency. Part of Operation Economic Outcast, the enforcement was coordinated with Canada's FINTRAC and FinCEN, which also barred Seychelles-based MEXC Global over $16 billion in illicit transfers. The initiative aims to sever financial channels for the Iranian regime amid broader sanctions targeting Iranian oil trade and driving domestic inflation to 90 percent.
Canadian firms Iran sanctions
- ▪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 imposed financial sanctions against eight Canadian currency exchange and money service businesses
- ▪The Canadian businesses sanctioned by the U.S. Treasury on November 6, 2026, operating in Ontario and British Columbia, include Million Exchange, Amin Exchange, Cryptoyal, Farah Exchange, Top PC Technician Inc, NIA Nations Currency Ltd, CCC Inc, and Darvish Exchange
Iran sanctions evasion methods
- ▪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
- ▪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
Operation Economic Outcast scope
- ▪The U.S. Department of the Treasury initiated the actions against Canadian money service businesses as part of Operation Economic Outcast, a initiative designed to sever economic lifelines supporting the Iranian regime and the IRGC
- ▪The FinCEN issued an order blocking Seychelles-incorporated virtual currency exchange MEXC Global from U.S. financial processing
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