US sanctions eight Canadian firms over alleged Iran-linked transactions

Politics · First reported 6 Nov, 21:03 · Updated 21:07

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The US Treasury says eight Canadian money services firms facilitated transactions involving Iran and has imposed financial sanctions on them. The action was coordinated with Canadian authorities and is part of a broader US effort to disrupt Iran-linked financial channels.

The US Treasury imposed sanctions on eight Canadian money services firms, alleging they facilitated transactions involving Iran, including exchanges of Iranian rials and other currencies for digital assets.
The firms are based in Ontario and British Columbia. The Times of India names the eight businesses; the other reports do not list them.
The Treasury said several firms dealt with sanctioned Iranian digital asset exchanges and addresses linked to the Islamic Revolutionary Guard Corps. The sanctions restrict the firms’ access to the US financial system.
The US coordinated the designations with Canada’s financial intelligence agency. The Treasury described them as part of Operation Economic Outcast.
Separately, the Treasury announced an order restricting US financial institutions from processing transfers involving MEXC Global, saying the platform facilitated at least $16 billion in illicit transactions. The order is due to take effect 30 days after publication in the Federal Register.

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Key facts

Canadian firms sanctioned: Eight money services firms
Locations: Ontario and British Columbia
US operation named: Operation Economic Outcast
Separate MEXC Global estimate: At least $16 billion in illicit transactions, according to the Treasury
MEXC order timing: 30 days after publication in the Federal Register