Operation Economic Outcast Sanctions Eight Canadian Money Services Businesses Enabling Iranian Regime

Several of the Targets Also Worked with Narcotrafficker and Former Olympic Snowboarder Ryan Wedding

WASHINGTON-Today, as part of Operation Economic Outcast, the Department of the Treasury's Office of Foreign Assets Control (OFAC) designated eight money services businesses based in Canada that enable the Iranian regime, sanctioned entities associated with the regime, and other illicit actors that move assets into and out of Iran. These companies facilitate the exchange of Iranian rials and other currencies for digital assets to enable international transactions involving Iran. Many of these businesses have facilitated transactions with sanctioned Iranian digital asset exchanges, as well as with digital asset addresses associated with Iran's Islamic Revolutionary Guard Corps (IRGC).

"Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies," said Secretary of the Treasury Scott Bessent. "Treasury will pursue and disrupt the Iranian regime's financial channels anywhere in the world."

In August, Treasury launched Operation Economic Outcast to sever the economic lifelines that sustain the Iranian regime and its IRGC, including Tehran's exploitation of cryptocurrency as a tool of choice for sanctions evasion. Today's designations are a continuation of Treasury's comprehensive campaign to disrupt the regime's exploitation of digital assets to fund terrorism, human rights abuses, and attacks on U.S. personnel and allies. These designations also follow previous OFAC sanctions on digital asset exchanges that have moved digital assets abroad on behalf of the Iranian regime, including the June 2, 2026 designations of Iranian exchanges Nobitex, Wallex, Bitpin, and Ramzinex, and the August 7, 2026 designations of Aban Tether Exchange and SHPS Shelbit (Shelbit), which operates the Shelbit Exchange that has moved millions of dollars on behalf of the IRGC.

Today's action was coordinated with the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and FINTRAC, Canada's financial intelligence unit. This action is also taken in coordination with the Drug Enforcement Administration (DEA) and reflects the Trump Administration's whole-of-government effort to combat the illicit use of digital assets for drug trafficking. Several of the entities designated in this action have also worked with the OFAC-sanctioned Canadian drug trafficker Ryan Wedding. Wedding has used money exchange businesses in the Vancouver and Toronto areas to launder billions of dollars in drug proceeds. He has used couriers to transport bulk cash to those firms, which convert the funds to digital assets to send abroad. Wedding was apprehended in January 2026, but he worked with several of the money services businesses designated today to transfer millions of dollars' worth of digital assets prior to being taken into U.S. custody.

Today's designations are imposed pursuant to Executive Order (E.O.) 13902, which targets the Iranian digital asset sector among other key sectors of the Iranian economy. The Department of the Treasury will continue to target not only the Iranian digital asset ecosystem, but also international entities and actors that help facilitate it. For more information on sanctions risk associated with Iranian digital asset exchanges, please see FAQ 1250 and FAQ 1257.

CANADIAN MONEY SERVICES BUSINESSES: AN IRANIAN SANCTIONS EVASION CHANNEL

Canada is home to hundreds of money services businesses that enable the movement of funds into and out of Iran, both through cash-based value transfer systems and by converting cash into digital assets to send across borders. The entities designated in this action allow sanctioned Iranian entities to use their services, thereby providing the Iranian regime with financial lifelines and the ability to continue to finance terrorism and proxy groups. Many of these entities also receive and launder funds associated with other criminal activity. Although Canadian and international media sources have highlighted the sanctions evasion and terrorist financing-related risks that certain of these money services businesses pose, the entities designated today remain operational. Several of these entities have changed their business names and addresses in an attempt to evade detection and enforcement actions.

Diverse Trade Inc, doing business as Million Exchange, is an Ontario-based money services business that advertises the ability to exchange Iranian rials for other currencies, as well as the management of digital assets for customers. Digital asset addresses associated with Million Exchange have sent the equivalent of hundreds of thousands of dollars to addresses associated with the IRGC or other terrorism-related addresses. Million Exchange has also laundered drug proceeds by using cash generated from drug sales to purchase digital assets to send back to drug dealers. Wedding has laundered drug proceeds through Million Exchange using this method, and has also directed sending certain digital assets abroad that Million Exchange purchased with drug-related cash.

1380079 BC Limited is a British Columbia-based money services business that does business as Amin Exchange and that facilitates currency transfers between Iran and Canada, as well as the purchase and sale of digital assets. Top PC Technician Inc, which is a closely associated affiliate of 1380079 BC Limited, operates in Ontario as a money services business and also does business as the same Amin Exchange. Digital asset addresses associated with Amin Exchange have received hundreds of thousands of dollars from Shelbit. Amin Exchange has laundered millions of dollars in drug proceeds in Canada at locations in Toronto, Vancouver, and Montreal. Amin Exchange in Vancouver has laundered drug proceeds for Wedding. The company has received the proceeds in cash and transferred them into digital assets, which Wedding has directed to be sent abroad.

NIA Nations Currency Ltd (NIA Nations) is a British Columbia-based money services business that advertises digital asset exchange services and the ability to transfer money from Iran to Canada. Digital asset addresses associated with NIA Nations have transacted with addresses associated with the IRGC and sanctioned Iranian cryptocurrency exchanges, including Nobitex, Wallex, Ramzinex, and Bitpin.

2397639 Ontario Ltd, doing business as Farah Exchange, advertises itself as an Iranian exchange operating in Canada, offering foreign exchange and digital assets. A digital asset address associated with Farah Exchange has conducted hundreds of thousands of dollars' worth of transactions with sanctioned Iran-related exchanges Shelbit and Wallex. Farah Exchange has also sent thousands of dollars in digital assets to addresses associated with terrorism and millions of dollars in digital assets to addresses associated with Wedding.

CCC Inc and B Galaxy Inc are two Ontario companies that operate in the same location and provide currency exchange and digital asset exchange services. A CCC Inc website offers the buying and selling of digital currencies, and indicates it is licensed in Iran and Canada. A digital asset address associated with CCC Inc has received hundreds of thousands of dollars in digital assets from addresses associated with terrorism. B Galaxy Inc, doing business as Cryptoyal, advertises unlimited amounts of digital assets in exchange for Iranian currencies.

Darvish Exchange is an Ontario-based money services business that advertises the ability to exchange Bitcoin for Iranian rials. A digital asset address associated with Darvish Exchange has transacted with sanctioned Iranian exchanges Nobitex, Wallex, Aban Tether Exchange, and Shelbit.

OFAC is designating Million Exchange, 1380079 BC Limited, Top PC Technician Inc, NIA Nations, Farah Exchange, CCC Inc, B Galaxy Inc, and Darvish Exchange pursuant to E.O. 13902 for operating in the digital asset sector of the Iranian economy.

SANCTIONS IMPLICATIONS

As a result of today's action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC's regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons.

Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC's Economic Sanctions Enforcement Guidelines provide more information regarding OFAC's enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Individuals located in the U.S. or abroad who provide information about sanctions violations to the Financial Crimes Enforcement Network's whistleblower incentive program may be eligible for awards if the information they provide leads to a successful enforcement action that results in monetary penalties exceeding $1,000,000.

The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List, when consistent with relevant statutes and other authorities. The ultimate goal of sanctions is to bring about a positive change in behavior. What constitutes a sufficient change in circumstance will vary based on context, including the status of the broader geopolitical circumstances affecting the national security and foreign policy interests implicated by the declared national emergency. In the case of sanctions related to Iran, OFAC is employing all available statutory, regulatory, and policy tools to resolve the persistent national emergencies posed by Iran, which has not changed its behavior to align with U.S. national security and foreign policy objectives. OFAC sanctions determinations, including removal determinations, are made consistent with Administration foreign policy and national security policies and priorities. For more information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC's guidance on How to Request Removal from an OFAC List.

Click here for more information on the persons designated and any property identified as blocked property today.