Under 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐎𝐮𝐭𝐜𝐚𝐬𝐭, OFAC designated eight Canadian money services businesses for enabling Iranian sanctions evasion through currency conversion and digital assets. Several also allegedly laundered drug proceeds for sanctioned Canadian narcotrafficker 𝐑𝐲𝐚𝐧 𝐖𝐞𝐝𝐝𝐢𝐧𝐠.

𝐄𝐧𝐭𝐢𝐭𝐢𝐞𝐬

  • 𝐃𝐢𝐯𝐞𝐫𝐬𝐞 𝐓𝐫𝐚𝐝𝐞 𝐈𝐧𝐜, 𝐝𝐨𝐢𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐬 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 — Ontario. Exchanges Iranian rials and other currencies and manages digital assets. Associated addresses sent hundreds of thousands of dollars to IRGC- or terrorism-linked addresses. Also converted drug cash into digital assets for 𝐑𝐲𝐚𝐧 𝐖𝐞𝐝𝐝𝐢𝐧𝐠 and other traffickers.
  • 𝟏𝟑𝟖𝟎𝟎𝟕𝟗 𝐁𝐂 𝐋𝐢𝐦𝐢𝐭𝐞𝐝, 𝐝𝐨𝐢𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐬 𝐀𝐦𝐢𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 — British Columbia. Facilitates Iran–Canada currency transfers and digital-asset trading. Associated addresses received hundreds of thousands of dollars from sanctioned Iranian exchange Shelbit. Amin Exchange locations in Vancouver, Toronto, and Montreal allegedly laundered millions in drug proceeds, including funds for Wedding.
  • 𝐓𝐨𝐩 𝐏𝐂 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐢𝐚𝐧 𝐈𝐧𝐜, 𝐝𝐨𝐢𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐬 𝐀𝐦𝐢𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 — Ontario. Closely associated affiliate of 1380079 BC Limited operating under the Amin Exchange name; supports currency transfers, digital-asset transactions, and the laundering network described above.
  • 𝐍𝐈𝐀 𝐍𝐚𝐭𝐢𝐨𝐧𝐬 𝐂𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐋𝐭𝐝 — British Columbia. Offers digital-asset exchange services and Iran-to-Canada transfers. Associated addresses transacted with IRGC-linked addresses and sanctioned Iranian exchanges Nobitex, Wallex, Ramzinex, and Bitpin.
  • 𝟐𝟑𝟗𝟕𝟔𝟑𝟗 𝐎𝐧𝐭𝐚𝐫𝐢𝐨 𝐋𝐭𝐝, 𝐝𝐨𝐢𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐬 𝐅𝐚𝐫𝐚𝐡 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 — Ontario. Iranian-focused foreign exchange and digital-asset business. An associated address conducted hundreds of thousands of dollars in transactions with Shelbit and Wallex, sent thousands to terrorism-linked addresses, and transferred millions to addresses associated with Wedding.
  • 𝐂𝐂𝐂 𝐈𝐧𝐜 — Ontario. Currency and digital-asset exchange operating from the same location as B Galaxy Inc; its website claims licensing in Iran and Canada. An associated address received hundreds of thousands of dollars from terrorism-linked addresses.
  • 𝐁 𝐆𝐚𝐥𝐚𝐱𝐲 𝐈𝐧𝐜, 𝐝𝐨𝐢𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐬 𝐂𝐫𝐲𝐩𝐭𝐨𝐲𝐚𝐥 — Ontario. Offers purportedly unlimited digital-asset exchanges for Iranian currencies and operates alongside CCC Inc.
  • 𝐃𝐚𝐫𝐯𝐢𝐬𝐡 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 — Ontario. Advertises Bitcoin-to-Iranian-rial exchange services. An associated address transacted with sanctioned exchanges Nobitex, Wallex, Aban Tether Exchange, and Shelbit.

𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥

  • 𝐑𝐲𝐚𝐧 𝐖𝐞𝐝𝐝𝐢𝐧𝐠 — Canadian narcotrafficker and former Olympic snowboarder previously sanctioned by OFAC. Allegedly used Vancouver- and Toronto-area exchanges and cash couriers to convert billions in drug proceeds into digital assets. Apprehended in January 2026; prior to arrest, he used several businesses designated in this action to transfer millions abroad.

𝐋𝐞𝐠𝐚𝐥 𝐚𝐧𝐝 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐝𝐞𝐭𝐚𝐢𝐥𝐬

  • All eight entities were designated under 𝐄.𝐎. 𝟏𝟑𝟗𝟎𝟐 for operating in Iran’s digital-asset sector.
  • The action was coordinated with FinCEN, Canada’s FINTRAC, and the DEA.
  • U.S.-linked property and interests in property of the targets are blocked and reportable to OFAC; entities owned 50 percent or more by blocked persons are also blocked.
  • OFAC highlighted strict-liability civil enforcement exposure and potential civil or criminal penalties for U.S. and foreign persons.
  • Relevant sanctions-risk guidance: 𝐅𝐀𝐐 𝟏𝟐𝟓𝟎 and 𝐅𝐀𝐐 𝟏𝟐𝟓𝟕, addressing Iranian digital-asset exchanges.
  • No specific TRX/BTC addresses or wind-down general license were identified in the release.

Source: https://home.treasury.gov/news/press-releases/sb0686/