US Sanctions Eight Canadian Money Services Firms Over Iranian Crypto Transfer Allegations
The US Treasury’s OFAC designated eight Canada-based money services businesses on November 6, alleging they converted Iranian rials and other currencies into digital assets for the Iranian regime and sanctioned actors, including entities linked to the IRGC. The designation is an allegation, not a separate court finding for every transaction. It may require US persons and firms under US jurisdiction to block relevant property and avoid prohibited dealings, while crypto and payment firms may review counterparty exposure. OFAC listed several Tron addresses, but compliance requires assessing ownership, relationships and transaction context rather than relying on wallet matches alone. The action is distinct from a same-day FinCEN order restricting US institutional transfers involving MEXC Global.
