OFAC sanctions eight Canadian money services businesses over Iran crypto channels

What happened

On 6 November 2026, the US Office of Foreign Assets Control (OFAC) designated eight money services businesses (MSBs) based in Canada under Executive Order 13902, for operating in the digital asset sector of the Iranian economy. Treasury says the action was coordinated with the US Financial Crimes Enforcement Network and FINTRAC, Canada’s financial intelligence unit. The firms are Million Exchange, 1380079 BC Limited and Top PC Technician Inc (both doing business as Amin Exchange), NIA Nations, Farah Exchange, CCC Inc, B Galaxy Inc, and Darvish Exchange.

Treasury says these businesses exchange Iranian rials and other currencies for digital assets to enable international transactions involving Iran. Many transacted with sanctioned Iranian exchanges or with addresses associated with Iran’s Islamic Revolutionary Guard Corps. NIA Nations advertised the ability to transfer money from Iran to Canada. Farah Exchange advertised itself as an Iranian exchange operating in Canada.

Some of the same firms served drug traffickers, Treasury says. Several worked with OFAC-sanctioned Canadian trafficker Ryan Wedding, who used couriers to bring bulk cash to money exchange businesses in the Vancouver and Toronto areas. Those firms converted the cash to digital assets to send abroad. Treasury alleges Amin Exchange laundered millions of dollars in drug proceeds in Toronto, Vancouver, and Montreal.

FINTRAC issued a statement the same day. It says it has revoked the registrations of 161 MSBs since the beginning of 2026, more than the last three years combined. Over the past year it imposed penalties of more than C$198 million on nine MSBs and disclosed 28 cases of non-compliance to law enforcement. Since Bill C-12 passed in March 2026, operating without a valid registration can bring, on conviction on indictment, a fine of up to C$5,000,000, up to five years in prison, or both.

Why it matters

Treasury says Canada is home to hundreds of MSBs that enable the movement of funds into and out of Iran. It also says several of the designated firms changed their names and addresses to evade detection and enforcement. An exact-name match will therefore catch only part of this exposure.

The dual use is the analytical point. On Treasury’s account, Amin Exchange facilitated currency transfers between Iran and Canada and also converted bulk drug cash into digital assets. Teams that separate sanctions investigations from drug-related AML cases could miss that overlap, because each sees half the customer.

OFAC’s public information helps here. The SDN entries published on 6 November include digital currency addresses and Canadian MSB registration numbers for designated firms, and carry a secondary sanctions risk tag. Those identifiers are more stable than a trading name.

Treasury’s account also relies on what the firms publicly advertised. Banks can read the same websites.

Practitioner angle

• Screen customers and beneficiaries against all eight firms, including trading names such as Amin Exchange and Cryptoyal, and the shared location of CCC Inc and B Galaxy Inc.
• Load the listed digital currency addresses and MSB registration numbers into your screening and blockchain tools.
• Review how each Canadian MSB customer advertises itself, and compare any mention of rial exchange or Iran transfers with its stated business.
• Check registration status with FINTRAC at each review, given the volume of revocations this year.
• Build a scenario for cash deposits followed quickly by outbound purchases at digital asset platforms.
• Revisit any MSB customer whose name or address has recently changed, and confirm who now controls it.