U.S. Treasury Sanctions Eight Canadian Currency Service Companies for Involvement in Iranian Cryptocurrency Transactions

The U.S. Treasury has imposed financial sanctions on eight Canadian currency service companies, accusing them of conducting transactions with sanctioned Iranian entities. These companies facilitate the exchange of Iranian rials and other currencies into digital assets, supporting international transactions. Treasury Secretary Scott Bessent stated that Canada cannot become a safe haven for providing sanction evasion services to the Iranian regime, and the Treasury will track and disrupt the financial channels of the Iranian regime globally. The sanctioned companies facilitated transactions with sanctioned Iranian digital asset exchanges and digital asset addresses linked to the Iranian Islamic Revolutionary Guard Corps, with some sanctioned entities having evaded scrutiny by changing names and addresses. This action was coordinated with Canada’s financial intelligence agency, FINTRAC. Additionally, the U.S.

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