US Sanctions Eight Canadian Money Services Firms Over Alleged Iran Links
The US Treasury has sanctioned eight Canada-based money services businesses accused of helping Iran evade sanctions, and separately cut off virtual currency exchange MEXC Global from the US financial system.
By Ricardo Brooks ·
The US Treasury announced on Friday that it had imposed financial sanctions on eight money services firms based in Canada, alleging they facilitated transactions with sanctioned Iranian entities.
US State Department spokesman Tommy Piggot said the United States and Canada "sanctioned eight digital asset service providers that help the Iranian regime use digital assets to evade sanctions and fund terrorism."
The measures effectively sever the designated firms from the dollar-based financial system. Any assets the companies hold in the United States are blocked, and US persons and entities are barred from transacting with them.
The designations are the most recent in a string of Treasury actions targeting companies outside the United States that Washington says assist Iran in circumventing American sanctions, part of an ongoing pressure campaign against Tehran.
"Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies," said Secretary of the Treasury Scott Bessent. "Treasury will pursue and disrupt the Iranian regime's financial channels anywhere in the world."
The Treasury named the businesses, located in Ontario and British Columbia, as Diverse Trade Inc doing business as Million Exchange, 1380079 BC Limited, Top PC Technician Inc, NIA Nations Currency Ltd, 2397639 Ontario Ltd doing business as Farah Exchange, CCC Inc and B Galaxy Inc and Darvish Exchange.
In a separate action, the Treasury said its Financial Crimes Enforcement Network division issued an order cutting virtual currency exchange MEXC Global off from the US financial system, citing transactions it said were connected to sanctions evasion by Iran, North Korea and Russia.
FinCEN, the Treasury's anti-money laundering unit, said the order stops US financial institutions from processing fund transfers involving MEXC Global, which is incorporated in the Seychelles. According to FinCEN, the exchange facilitated at least $16 billion in illicit transactions tied to Iran, North Korea and Russia, as well as transactions involving other sanctioned actors.
