Latest: Treasury’s press release on the action, issued as part of Operation Economic Outcast, says the eight businesses facilitate the exchange of Iranian rials and other currencies for digital assets to enable international transactions involving Iran, and that many facilitated transactions with sanctioned Iranian digital asset exchanges and with digital asset addresses associated with the Islamic Revolutionary Guard Corps. Secretary Scott Bessent said Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime. The action was coordinated with FinCEN and FINTRAC, Canada’s financial intelligence unit, and with the Drug Enforcement Administration, and Treasury said several of the businesses also worked with Ryan Wedding, the sanctioned Canadian drug trafficker and former Olympic snowboarder apprehended in January 2026, laundering drug proceeds by converting bulk cash into digital assets to send abroad.
Treasury gave firm-level detail in the release. It said Diverse Trade Inc, doing business as Million Exchange, sent the equivalent of hundreds of thousands of dollars to addresses associated with the IRGC or other terrorism-related addresses and laundered drug proceeds for Wedding; that Amin Exchange, operated by 1380079 BC Limited and Top PC Technician Inc, received hundreds of thousands of dollars from the sanctioned Shelbit exchange and laundered millions of dollars in drug proceeds in Toronto, Vancouver and Montreal; that NIA Nations Currency Ltd transacted with IRGC-associated addresses and with Nobitex, Wallex, Ramzinex and Bitpin; and that addresses associated with Farah Exchange, CCC Inc, B Galaxy Inc and Darvish Exchange transacted with sanctioned Iranian exchanges or terrorism-associated addresses. OFAC designated all eight under Executive Order 13902 for operating in the digital asset sector of the Iranian economy.
The Treasury Department’s Office of Foreign Assets Control published Iran-related designations on Friday listing eight Canadian businesses, all described as other monetary intermediation and all carrying the Iran programme tag for Executive Order 13902, the financial sector authority, with secondary sanctions risk under section 2 of that order.
The eight are 1380079 BC Ltd, operating as Amin Exchange Vancouver, in North Vancouver and Montreal; 2397639 Ontario Ltd, operating as Farah Exchange, in North York; B Galaxy Inc and CCC Inc, both operating under the C Exchange and Cryptoyal names in North York and Thornhill; Darvish Exchange in Richmond Hill and North York; Diverse Trade Inc, operating as Million Exchange, in Richmond Hill, Toronto and Montreal; Nia Nations Currency Ltd in Vancouver and North Vancouver; and Top PC Technician Inc, operating as Amin Exchange Toronto, in North York and Thornhill.
Several of the listings include Tron digital currency addresses alongside the businesses’ Canadian money services business registration numbers, tying the storefront exchanges to crypto transfers in the designation record itself.