The U.S. Treasury Department has imposed financial sanctions on eight money services firms based in Canada, alleging they facilitated transactions with sanctioned Iranian entities. This action effectively severs their access to the U.S. dollar-based financial system.
The sanctions prohibit the designated firms from holding any assets within the United States and forbid any transactions with U.S. persons or entities. These measures are part of ongoing efforts by the Treasury to counter firms outside the U.S. that allegedly assist Iran in circumventing American sanctions.
Secretary of the Treasury Scott Bessent stated, "Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies. Treasury will pursue and disrupt the Iranian regime’s financial channels anywhere in the world."
The targeted businesses, located in Ontario and British Columbia, include 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., B Galaxy Inc., and Darvish Exchange.
In a separate action, the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an order cutting off virtual currency exchanger MEXC Global from the U.S. financial system due to alleged transactions linked to sanctions evasion by Iran, North Korea, and Russia. FinCEN stated that this order prevents U.S. financial institutions from processing fund transfers involving Seychelles-incorporated MEXC Global, which is accused of facilitating at least $16 billion in illicit transactions connected to these countries and other sanctioned actors.
