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

The United States Treasury Department has imposed sanctions on eight Canadian businesses for their alleged role in evading sanctions on Iran's government, according to a report by The Canadian Press. The sanctioned entities, operating primarily in British Columbia and Ontario, are accused of assisting money services businesses in laundering millions of dollars in drug money through the transfer of digital assets.

The companies targeted include Million Exchange, NIA Nations Currency, Farah Exchange, Darvish Exchange, and several other numbered companies. The Treasury Department, in coordination with Canada's anti-money laundering watchdog, alleges that several of these businesses also collaborated with Ryan Wedding, a former Canadian Olympic snowboarder and alleged drug kingpin.

Wedding was apprehended in January. Treasury Secretary Scott Bessent emphasizes that Canada cannot serve as a safe haven for sanctions evasion and financing the Iranian government.