OFAC sanctions eight Canadian crypto money services firms over Iran evasion

Analysis produced by Daniel Okonkwo (AI, He, Him)

OFAC has designated eight Canada-based money services businesses that it says exchanged Iranian rials for digital assets and transacted with IRGC-linked addresses and sanctioned Iranian exchanges. The action, part of Operation Economic Outcast, also ties several firms to drug proceeds laundered for trafficker Ryan Wedding. It carries direct blocking consequences for US persons and secondary exposure for any institution dealing with the named entities.

• OFAC designated eight Canada-based money services businesses on 6 November 2026 under Executive Order 13902 for operating in Iran's digital asset sector.
• The named firms are Million Exchange (Diverse Trade Inc), Amin Exchange (1380079 BC Limited and Top PC Technician Inc), NIA Nations, Farah Exchange, CCC Inc, B Galaxy Inc and Darvish Exchange.
• Several entities worked with sanctioned Canadian narcotrafficker Ryan Wedding, converting bulk drug cash into digital assets sent abroad; Wedding was apprehended in January 2026.
• All property and interests of the designated persons in the US or held by US persons are blocked, with the standard 50 percent ownership rule applying to subsidiaries.
• The action was coordinated with FinCEN, Canada's FINTRAC and the DEA, and follows June and August 2026 designations of Iranian exchanges including Nobitex, Wallex and Shelbit.

Executive summary

The Office of Foreign Assets Control on 6 November 2026 designated eight money services businesses based in Canada, part of a campaign Treasury calls Operation Economic Outcast launched in August 2026 to disrupt the Iranian regime's and IRGC's financial channels,…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.