US Treasury Sanctions 8 Canada-Based Crypto Exchange Businesses Over Iran Sanctions Evasion

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The US Treasury Department has imposed sanctions on eight Canada-based exchange firms accused of helping Iran evade financial sanctions.

Cointelegraph reported on November 7 that the Treasury said the firms facilitated transactions involving Iranian cryptocurrency exchanges under US sanctions, as well as crypto addresses linked to Iran's Islamic Revolutionary Guard Corps, or IRGC.

The sanctions restrict the companies' access to the dollar-based financial system.

Treasury Secretary Scott Bessent said Canada must not become a safe haven for illicit financial intermediaries that help the Iranian regime and its proxies evade sanctions. He added that the US would track and disrupt Iran's funding channels wherever they operate.

The action was carried out in coordination with FINTRAC, Canada's financial intelligence agency. The Treasury also said it found signs that some of the sanctioned firms changed their names and addresses to avoid scrutiny from authorities.