US Treasury sanctions eight Canadian money exchange firms over Iran ties

What the report says

The United States Treasury has sanctioned eight Canadian money-exchange firms, saying they helped Iranian entities bypass financial restrictions and, in some cases, moved funds tied to an alleged drug trafficking figure. The measures were announced on Friday as part of the Treasury’s “Operation Economic Outcast,” according to Al Jazeera and Reuters.

The companies are based in Ontario and British Columbia and include Million Exchange, Amin Exchange and Cryptoyal. The Treasury said some of the firms converted Iranian rials and other currencies into digital assets, including cryptocurrency, to help obscure the movement of funds. It also said the action targets financial facilitators the US believes are supporting sanctioned Iranian interests and the Islamic Revolutionary Guard Corps.

The sanctions cut the firms off from the US dollar-based financial system, freeze any assets they may hold in the United States and prohibit dealings with US persons or entities. Treasury Secretary Scott Bessent said Canada should not be a haven for people or businesses that help evade sanctions.

Canada’s FINTRAC said it worked with the US Financial Crimes Enforcement Network on the case. In a separate action, FinCEN also targeted MEXC Global, saying the crypto exchange facilitated billions of dollars in illicit transactions involving Iran, North Korea and Russia. Al Jazeera reported these steps as part of a broader US pressure campaign on Tehran.