US sanctions eight Canadian firms over Iran crypto links

Eight Canadian businesses face US sanctions over alleged financial links to Iran’s sanctioned entities, the Iran’s Islamic Revolutionary Guard Corps and international criminal networks.

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated eight Canadian money services businesses for allegedly facilitating financial transactions involving the Iranian government, sanctioned entities and other illicit actors. Announced under Operation Economic Outcast, the measures target businesses accused of converting Iranian rials and other currencies into digital assets to facilitate cross-border transfers.

According to the Treasury, digital asset addresses associated with several of the businesses have transacted with addresses linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) and sanctioned Iranian cryptocurrency exchanges, including Nobitex, Wallex, Bitpin and Ramzinex.

The designated companies also allegedly provided channels for moving funds connected to other criminal activities, including drug trafficking. Several of the businesses had also facilitated transactions involving Ryan Wedding, a Canadian former Olympic snowboarder and sanctioned drug trafficker, who was apprehended in January 2026.