US Treasury sanctions Canadian money services firms over Iran-related transactions

The US Treasury has imposed financial sanctions on eight Canadian money services firms, alleging that they have facilitated transactions with Iranian entities. These sanctions cut the firms off from the dollar-based financial system and prohibit any transactions with US persons or entities. The Treasury views Canada as an unacceptable safe haven for illicit financial facilitators that provide services to Iran and its proxies, stating that they will pursue and disrupt Iran's financial channels worldwide.

The eight firms targeted are based in Ontario and British Columbia, including Diverse Trade Inc, 1380079 BC Limited, Top PC Technician Inc, NIA Nations Currency Ltd, Farah Exchange, CCC Inc, B Galaxy Inc, and Darvish Exchange. Additionally, the Financial Crimes Enforcement Network (FinCEN) has issued an order that cuts off virtual currency exchanger MEXC Global from the US financial system, alleging that it has facilitated at least $16 billion in illicit transactions linked to Iran, North Korea, and Russia.

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