US Slaps Sanctions on 8 Canadian Crypto Firms Over Iran, Targets MEXC's $16B

The US Treasury came down hard on eight Canadian money services businesses, designating them for allegedly helping Iran slip past financial restrictions using cryptocurrency. OFAC hit the firms under Executive Order 13902, according to a Treasury press release. The named companies include Million Exchange, Amin Exchange, NIA Nations, Farah Exchange, CCC Inc, Cryptoyal and Darvish Exchange, plus Top PC Technician Inc, an affiliate of 1380079 BC Limited that also operates under the Amin Exchange banner.

According to Treasury, the businesses swapped Iranian rials and other currencies into digital assets, giving customers a way to shuttle money across borders despite the restrictions already in place. Several allegedly ran transactions with Iranian exchanges that were already sanctioned: Nobitex, Wallex, Bitpin, Ramzinex and Shelbit. Their crypto addresses also reportedly received or moved funds tied to Iran's Islamic Revolutionary Guard Corps.

Investigators also tied the network to Canadian drug trafficking. Treasury said some of the designated businesses laundered proceeds for Ryan Wedding, a sanctioned Canadian drug trafficker and former Olympic snowboarder. Cash couriers delivered the drug money to the money services businesses, which converted it into crypto before pushing the funds abroad, the department alleged.

The MEXC piece landed separately. FinCEN issued an order effectively cutting off MEXC Global's access to the US financial system over at least $16 billion in illicit transactions, some of it connected to Iran sanctions evasion. It's a fresh front in the same enforcement push.

All of it rolls under Operation Economic Outcast, the Treasury initiative launched in August to choke off financial channels backing Iran's regime and the IRGC. Treasury worked the action with FinCEN and Canada's FINTRAC, with the DEA involved in the broader effort. The department had already sanctioned Nobitex, Wallex, Bitpin and Ramzinex in June 2026, then Aban Tether Exchange and Shelbit in August.

The fallout reaches past the named firms. OFAC restrictions generally freeze their property under US jurisdiction and bar transactions involving US persons unless an exemption or license applies, and foreign individuals and companies can face penalties for helping evade sanctions. Crypto may move fast across borders, but blockchain records are public — investigators can trace wallet addresses and transaction histories straight back to sanctioned networks.