US Sanctions Eight Canadian Firms for Iranian Sanctions Evasion

The United States Department of the Treasury imposed financial sanctions on November 7, 2026, against eight Canadian money services businesses located in Ontario and British Columbia. As part of Operation Economic Outcast, the Treasury accused these firms—including Million Exchange, NIA Nations Currency, Farah Exchange, and Darvish Exchange—of providing financial lifelines to the Iranian regime and the Islamic Revolutionary Guard Corps by converting Iranian rials into digital assets to bypass traditional financial channels.

Treasury Secretary Scott Bessent stated that the U.S. will pursue Iranian financial channels globally, asserting that Canada cannot be a safe haven for illicit facilitators. The operation was coordinated with the Drug Enforcement Administration and the Financial Transactions and Reports Analysis Centre of Canada. Some of the targeted firms are also accused of laundering millions of dollars for Ryan Wedding, a former Olympic snowboarder and alleged drug kingpin arrested in January 2026. Wedding currently faces U.S. charges of drug trafficking and murder.

In related enforcement actions, the Financial Crimes Enforcement Network sanctioned Seychelles-incorporated MEXC Global for facilitating at least $16 billion in illicit transactions linked to Iran, North Korea, and Russia. Additionally, the U.S. Department of Justice announced the arrest of Mexican judge Luis Benitez Alcantara, who allegedly accepted a $2-million bribe to grant bail to Andrew Clark, a suspected associate of Wedding. Following the sanctions, the Centre for Israel and Jewish Affairs urged the Canadian government to take decisive action against Iranian networks operating within its borders.