The U.S. Treasury Department has sanctioned eight Canada-based money services businesses for helping the Iranian government evade sanctions and facilitating illicit financial activities. As with recent measures, this action falls under the ongoing “Economic Exclusion Operation.”

The eight sanctioned companies are Million Exchange, 1380079 BC Limited, Top PC Technician, NIA Nations Currency, Farah Exchange, CCC, B Galaxy, and Darvish Exchange.

According to the Treasury, these firms acted as a financial lifeline for Iran by exchanging Iranian rials and other fiat currencies for digital assets. They reportedly facilitated international transactions by dealing directly with already-sanctioned, Iran-based cryptocurrency exchanges and digital asset wallets linked to the Islamic Revolutionary Guard Corps (IRGC). The U.S. noted that Canada currently hosts hundreds of similar money service businesses that help funnel funds in and out of Iran.

The sanctions were closely coordinated with the Financial Crimes Enforcement Network (FinCEN), Canada’s financial intelligence unit (FINTRAC), and the Drug Enforcement Administration (DEA).

The DEA’s involvement highlighted another major criminal link: some of these blacklisted companies were actively used by Ryan Wedding, a former Canadian Olympic snowboarder recently indicted for large-scale drug trafficking. Authorities allege Wedding used these financial brokers to convert billions of dollars in drug cartel proceeds into digital assets and transfer them overseas.

Emphasizing the crackdown, U.S. Treasury Secretary Scott Bessent stated that Canada cannot serve as a safe haven for illicit financial brokers aiding the Iranian regime. “The Treasury will hunt down and dismantle Iran’s financial channels wherever they are in the world,” Bessent warned.