The U.S. Treasury Department has sanctioned eight Canadian money services businesses accused of helping Iranian entities move money through foreign-exchange and digital-asset channels. The November 6 action includes NIA Nations and Million Exchange, two firms that blockchain investigator ZachXBT had publicly urged U.S. authorities to target five months earlier over alleged use in cryptocurrency laundering linked to violent home-invasion robberies and extortion.
The designations came under Operation Economic Outcast, a Treasury campaign aimed at disrupting financial channels used by Iran and the Islamic Revolutionary Guard Corps (IRGC). The agency said the Canadian businesses facilitated exchanges between Iranian rials, other currencies and digital assets, and that many had transacted with sanctioned Iranian exchanges or blockchain addresses associated with the IRGC. The November 6 Treasury announcement describes the allegations and the legal effects of the OFAC designations.
The timing creates a clear connection between ZachXBT’s earlier public warning and the later enforcement action, but Treasury did not say his post prompted the designations. The department said the November 6 operation was coordinated with the Financial Crimes Enforcement Network (FinCEN), Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC), and the Drug Enforcement Administration (DEA).
Two Firms Named by ZachXBT Were Among the Eight
On June 3, ZachXBT replied publicly to a U.S. Treasury post about sanctions against Iranian cryptocurrency exchanges, urging authorities to sanction Canadian over-the-counter (OTC) brokers he said were being abused by illicit actors. He singled out NIA Nations Exchange, also known as NNCE, and Million Exchange, or MillionEx. In his June 3 post, he alleged that both had been used in recent violent home-invasion robbery and extortion cases to launder cryptocurrency.
The investigator’s post included a transaction-flow image and described Canada as one of the world’s weakest jurisdictions for this type of activity, calling it a “bottom-three jurisdiction.” That characterization was his assessment, not an official comparative ranking. The specific home-invasion and extortion allegations in the June post were not separately detailed in Treasury’s November 6 announcement.
Five months later, the Office of Foreign Assets Control (OFAC) designated both businesses. Treasury identified NIA Nations Currency Ltd as a British Columbia-based money services business advertising digital-asset exchange services and transfers between Iran and Canada. It said blockchain addresses associated with NIA Nations had transacted with addresses linked to the IRGC and sanctioned Iranian exchanges Nobitex, Wallex, Ramzinex and Bitpin.
Treasury identified Diverse Trade Inc., doing business as Million Exchange, as an Ontario-based money services business advertising Iranian-rial exchange and digital-asset management services. The agency said addresses associated with the business had sent hundreds of thousands of dollars to addresses linked to the IRGC or other terrorism-related activity. It also alleged that Million Exchange used cash generated from drug sales to buy digital assets for drug dealers, and that Canadian trafficker Ryan Wedding used the business to move proceeds.
The November designation does not establish that ZachXBT’s June post was the basis for the investigation. Treasury’s release describes a wider interagency operation and sets out additional allegations involving Iranian sanctions evasion and drug proceeds.
Which Eight Canadian Money Services Businesses Were Designated?
OFAC named eight legal entities based in Ontario and British Columbia. The list includes two separate companies operating under the Amin Exchange name:
- Diverse Trade Inc., doing business as Million Exchange, in Ontario.
- 1380079 BC Limited, doing business as Amin Exchange, in British Columbia.
- Top PC Technician Inc., an affiliate of 1380079 BC Limited that also operates as Amin Exchange in Ontario.
- NIA Nations Currency Ltd., doing business as NIA Nations, in British Columbia.
- 2397639 Ontario Ltd., doing business as Farah Exchange.
- CCC Inc., an Ontario currency and digital-asset exchange business.
- B Galaxy Inc., doing business as Cryptoyal, in Ontario.
- Darvish Exchange, an Ontario-based money services business.
The Treasury allegations extend beyond NIA Nations and Million Exchange. It said addresses associated with Amin Exchange had received hundreds of thousands of dollars from Shelbit, a previously sanctioned Iranian-linked exchange, and alleged that Amin Exchange laundered millions of dollars in drug proceeds in Toronto, Vancouver and Montreal. Treasury also said Wedding used its Vancouver operation to convert cash proceeds into digital assets and send them abroad.
For Farah Exchange, Treasury cited transactions with the sanctioned Iranian exchanges Shelbit and Wallex, as well as transfers to addresses associated with terrorism and Wedding. The agency said a CCC Inc-linked address received hundreds of thousands of dollars in digital assets from addresses associated with terrorism. It also said B Galaxy, which operates as Cryptoyal, advertises digital-asset exchanges for Iranian currencies. Addresses associated with Darvish Exchange had transacted with Nobitex, Wallex, Aban Tether Exchange and Shelbit.
Treasury said several of the designated businesses had changed names and addresses in attempts to evade detection and enforcement. It also alleged that several had worked with Wedding, whom U.S. authorities sanctioned as a Canadian drug trafficker and said was apprehended in January 2026.
How the OFAC Sanctions Affect the Canadian Firms
The designations were imposed under Executive Order 13902, which targets key sectors of the Iranian economy, including its digital-asset sector. Under the measures, property and interests in property belonging to the designated entities that are in the United States, or in the possession or control of U.S. persons, are blocked and must be reported to OFAC.
The restrictions also apply to entities owned 50% or more, directly or indirectly and individually or in aggregate, by one or more blocked persons. Unless an authorization or exemption applies, U.S. persons are generally prohibited from transactions involving property or interests in property of designated persons, including transactions conducted within or transiting the United States.
The action does not mean that every asset held in Canada is automatically frozen under Canadian law, nor does the Treasury announcement itself establish that Canadian authorities issued a separate domestic sanctions order. It does, however, create substantial restrictions for the designated businesses’ access to U.S. persons, U.S.-controlled property and transactions with a U.S. nexus. Treasury also warned that foreign persons can face sanctions exposure for causing U.S. persons to violate restrictions or engaging in sanctions evasion.
The coordination with FINTRAC is significant, but it should not be confused with a statement that Canada independently designated the same eight entities. FINTRAC is Canada’s financial intelligence unit, and Treasury described the November 6 action as coordinated with it and FinCEN. The legal designations themselves were made by OFAC.
The action adds to a wider U.S. effort against Iran-linked crypto infrastructure. Treasury had previously designated Nobitex, Wallex, Bitpin and Ramzinex on June 2, 2026, and Aban Tether Exchange and Shelbit on August 7. DaveFinances has examined how Treasury linked the A7 payment network to Nobitex and other sanctions-evasion channels, and how Shelbit moved billions through an Iran-linked financial network.
Why the Canadian OTC Network Matters Beyond Iran
The Treasury action describes Canadian money services businesses as cross-border conversion points that can turn cash and Iranian rials into digital assets and move value internationally. That model is not limited to crypto exchanges with conventional order books. It can involve cash couriers, foreign-exchange services, OTC brokers, wallet operators and intermediaries that settle transactions across several jurisdictions.
The drug-trafficking allegations show how the same infrastructure can serve different illicit-finance flows. Treasury said Wedding used couriers to deliver bulk cash to money exchange businesses in the Toronto and Vancouver areas, where it was converted into digital assets and sent abroad. The agency’s release identifies specific links to Million Exchange and Amin Exchange and describes transfers involving Farah Exchange. These remain government allegations, not criminal findings established in a trial against every designated company.
For financial institutions and digital-asset providers, the case reinforces the importance of screening the counterparties behind OTC transfers rather than relying only on the name of the immediate customer or the visible wallet address. DaveFinances previously examined how sanctions links can affect payment fintechs, banking access and customer funds, including the distinction between a formal designation, a risk review and a voluntary service restriction.
The immediate significance of the November 6 action is that two Canadian brokers highlighted by ZachXBT in June have now been formally designated alongside six other money services businesses. The five-month timeline does not prove that the investigator’s warning caused the decision, but the overlap shows how public blockchain research, financial-intelligence cooperation and government sanctions can converge on the same cross-border payment channels.
The next questions concern the practical effect of the designations: whether the firms’ services remain available outside U.S. jurisdiction, how Canadian authorities respond, and whether further action targets the counterparties and wallet networks identified by Treasury. The announcement establishes the U.S. sanctions measures and the government’s allegations; it does not by itself resolve every underlying transaction or determine the criminal liability of individuals associated with the businesses.
Johan Shamshad is Editor-in-Chief at Dave Finances, covering financial markets, digital assets, trading platforms, brokers, fintech, payments and regulation. Since 2023, he has also worked as an editor at Gulf News, the UAE English-language newspaper published by Al Nisr Publishing LLC. His work focuses on market-moving developments, company disclosures, regulatory changes and trading infrastructure, with an emphasis on primary-source verification and practical context for traders and investors.