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Regulation & Policy · 2 min read

US OFAC Sanctions Eight Canadian Crypto Money Services Over Iran and Drug Ties

Treasury's Operation Economic Outcast targets Toronto and Vancouver MSBs accused of routing digital assets for Tehran, IRGC addresses, and narcotics networks.

Editorial oversight: Julian Mercer, Chief Editor
Bearish
$BTC $75,838 −0.2%

At a glance Enforcement action

What happened
US OFAC sanctioned eight Canadian money services businesses on Nov. 7 for processing cryptocurrency transfers tied to Iran and narcotics trafficking.
Why it matters
The designations freeze US assets of the firms and expose counterparties to strict liability civil and criminal sanctions penalties.
Who is affected
The eight named Canadian MSBs, their international transaction counterparties, and US persons holding related property.
Takes effect
2026-11-07
What's next
No next step announced.
Primary source
home.treasury.gov: Operation Economic Outcast Sanctions Eight Canadian Money Services Businesses Enabling Iranian Regime

Key points

  • OFAC designated eight Canadian money services businesses on Nov. 7 for processing crypto transactions tied to Iran and the IRGC.
  • Designated firms also laundered bulk cash proceeds into digital assets for convicted narcotics trafficker Ryan Wedding prior to his arrest.
  • The targeted businesses transacted with previously sanctioned Iranian exchanges including Shelbit, Wallex, Nobitex, and Aban Tether.

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned eight Canadian money services businesses on Nov. 7 under Operation Economic Outcast, alleging the firms facilitated digital asset transfers for the Iranian regime and narcotics networks 1. Coordinated alongside Canada's FINTRAC, FinCEN, and the DEA, the enforcement action blocks all US-linked property belonging to the targeted entities 1.

Treasury officials stated that the entities converted cash and Iranian rials into digital assets, routing funds across international borders and interacting directly with sanctioned Iranian exchanges 1. These included platforms previously designated by OFAC, such as Nobitex, Wallex, Ramzinex, Bitpin, and Aban Tether, as well as digital asset addresses tied to the Islamic Revolutionary Guard Corps (IRGC) 1. Previously, the US Treasury sanctioned crypto exchanges Shelbit and Aban Tether over similar IRGC linkages 1.

Narcotics Proceeds and Cross-Border Transfers

According to Treasury, several of the designated firms handled transactions for Ryan Wedding, a former Olympic snowboarder and convicted narcotics trafficker who was apprehended in January 2026 1. Federal authorities alleged Wedding utilized couriers to deliver bulk cash to Canadian MSB storefronts in Toronto, Montreal, and Vancouver, where the capital was converted into digital assets and transmitted abroad 1.

The designations target eight firms pursuant to Executive Order 13902, which covers actors operating in the digital asset sector of Iran's economy 1:

  • Diverse Trade Inc (doing business as Million Exchange)
  • 1380079 BC Limited (doing business as Amin Exchange)
  • Top PC Technician Inc (operating as Amin Exchange in Ontario)
  • NIA Nations Currency Ltd
  • 2397639 Ontario Ltd (doing business as Farah Exchange)
  • CCC Inc
  • B Galaxy Inc (doing business as Cryptoyal)
  • Darvish Exchange

Treasury stated that Darvish Exchange advertised $BTC conversion for Iranian rials, while B Galaxy offered unlimited digital asset conversions 1. Additionally, addresses associated with Million Exchange, Farah Exchange, and CCC Inc allegedly transacted with terrorism-related addresses 1.

The enforcement action blocks all assets of the designated firms under US jurisdiction and prohibits transactions by US persons under strict liability enforcement 1. At the time of writing, $BTC traded at $75,838 while broader markets sat at extreme fear levels. The measures reflect broader efforts outlined when the US Treasury and OFAC escalated sanctions against crypto networks to cut off secondary facilitators operating in allied nations 1.

Sources

  1. [1] Operation Economic Outcast Sanctions Eight Canadian Money Services Businesses Enabling Iranian Regime — home.treasury.gov, November 7, 2026
  2. [2] Iran Nuclear Program – Rewards For Justice — rewardsforjustice.net, November 7, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

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