Treasury Sanctions Eight Canadian Currency Firms
U.S. officials say the businesses helped Iranian entities evade restrictions and laundered cash linked to a suspected drug trafficker.
By Paul Davidson ·
The U.S. Department of the Treasury designated eight Canadian money exchange companies on Friday, accusing them of helping the Iranian government bypass financial controls.
First, the Treasury stated that the firms provided a financial lifeline to sanctioned Iranian entities. The agencies said some of these businesses converted Iranian rials and other currencies into digital assets, such as cryptocurrency, to move value across borders.
Second, the sanctions cut these companies off from the U.S. dollar system. This action freezes any assets the firms hold in the United States and prohibits transactions with American individuals or entities. The Treasury identified the targeted businesses as operating in Ontario and British Columbia.
Third, officials linked three of the sanctioned firms to Ryan Wedding, an Olympic athlete and alleged drug kingpin. The statement noted that the companies helped Wedding hide money by turning bulk cash into digital assets. Before his arrest in January, these firms sent millions of dollars in digital funds abroad.
The Treasury listed the specific entities subject to the new rules. In Ontario, the list includes Diverse Trade Inc., which operates as Million Exchange, and Top PC Technician Inc. It also names NIA Nations Currency Ltd., 2397639 Ontario Ltd. (Farah Exchange), CCC Inc., B Galaxy Inc. (Cryptoyal), and Darvish Exchange. In British Columbia, the designations cover 1380079 BC Limited (Amin Exchange) and NIA Nations Currency Ltd.
Secretary of the Treasury Scott Bessent wrote that Canada cannot serve as a safe haven for illicit financial facilitators. He stated the goal is to sever economic lifelines that sustain the Iranian regime and the Islamic Revolutionary Guard Corps. The IRGC is designated as a terrorist organization in Canada.
In August, the administration expanded secondary sanctions to increase economic pressure on Tehran. Bessent said the objective is to isolate the regime until it stands alone. The Treasury noted that some of the Canadian firms changed their names and addresses to avoid detection. CBC News contacted Wedding's lawyer for comment.
