US Treasury sanctions eight Canadian money exchange firms over Iran ties
Summary
The U.S. Treasury sanctioned eight currency-exchange businesses in Ontario and British Columbia, accusing them of helping Iranian entities evade sanctions. The measures block the firms from the U.S. financial system, while a separate FinCEN order bars U.S. financial institutions from processing transfers involving MEXC Global.Key Facts
- The Treasury announced the sanctions as part of an initiative it calls Operation Economic Outcast.
- The eight named businesses include Million Exchange, Amin Exchange, Cryptoyal and Darvish Exchange.
- The Treasury said some businesses converted Iranian rials and other currencies into digital assets and laundered proceeds.
- The sanctions freeze any assets the firms hold in the United States and prohibit transactions with U.S. people or entities.
- Canada's FINTRAC said it worked with the U.S. Financial Crimes Enforcement Network on the measures.
- FinCEN said MEXC Global facilitated at least $16 billion in illicit transactions linked to Iran, North Korea, Russia and other sanctioned actors.
- The Treasury said its broader campaign aims to cut off financial support for Iran's government and the Islamic Revolutionary Guard Corps.
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