U.S. Treasury sanctions Canadian firms connected to Ryan Wedding

The United States Treasury Department has imposed sanctions on eight Canadian businesses, citing their alleged role in evading sanctions against Iran. The targeted entities are primarily money services businesses located in British Columbia and Ontario. This action was taken in collaboration with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC), which is the country's anti-money laundering watchdog.

Among those sanctioned, several entities are also linked to Ryan Wedding, an individual widely known for his alleged involvement in drug trafficking and his previous status as a Canadian Olympic snowboarder. The U.S. Treasury specifically singles out several companies based in Ontario and British Columbia, including Million Exchange, NIA Nations Currency, Farah Exchange, and Darvish Exchange, as well as several other numbered companies.

The Treasury alleges that these Canadian businesses provided services that facilitated the laundering of millions of dollars in drug-related proceeds through the transfer of digital assets. This illicit activity allegedly took place prior to Ryan Wedding's arrest in January. Treasury Secretary Scott Bessent expressed strong disapproval in a press release, asserting that Canada cannot serve as a safe haven for activities aimed at evading sanctions and financing the Iranian government.