US Treasury Sanctions Eight Canadian Firms for Iran Financial Ties

• •US Treasury sanctions eight Canadian firms for facilitating transactions with Iran.
• •Sanctions cut firms off from the US financial system, freezing their assets.
• •MEXC Global also sanctioned for facilitating $16 billion in illicit transactions.

The US Treasury Department has imposed sanctions on eight Canadian money services firms for allegedly facilitating transactions with sanctioned Iranian entities. These firms, based in Ontario and British Columbia, are accused of enabling the exchange of Iranian rials and other currencies for digital assets, thereby aiding Iran in circumventing financial sanctions. The sanctions cut these firms off from the US dollar-based financial system, freezing their US assets and prohibiting transactions with US entities. Treasury Secretary Scott Bessent emphasized that Canada cannot be a safe haven for illicit financial facilitators. The sanctions were coordinated with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). Additionally, the Treasury issued an order against Seychelles-based cryptocurrency exchanger MEXC Global for facilitating $16 billion in illicit transactions linked to Iran, North Korea, and Russia. This action is part of a broader effort to disrupt financial channels supporting the Iranian regime and its proxies.