The U.S. Treasury sanctioned eight Canada-based money services businesses on November 6, citing their alleged involvement in cross-border transactions connected to Iran through digital assets. The action also involved firms accused of facilitating transactions with sanctioned Iranian cryptocurrency exchanges and addresses linked to the Islamic Revolutionary Guard Corps (IRGC).
According to information reported by Wu Blockchain, the sanctioned businesses include NIA Nations, Million Exchange, Amin Exchange and Farah Exchange. Treasury said several of the firms conducted transactions with sanctioned Iranian crypto exchanges or cryptocurrency addresses associated with the IRGC.
Digital Assets and Alleged Money Laundering
The Treasury's allegations also extended beyond Iran-linked transactions. Some of the Canada-based businesses were accused of helping launder drug proceeds for Ryan Wedding, a Canadian trafficker.
According to the reported details, the firms allegedly converted cash connected to drug proceeds into digital assets before transferring the funds abroad. The transactions formed part of the activities cited in the U.S. sanctions action against the eight money services businesses.
The allegations highlight the role that digital assets can play in cross-border financial transactions, including transactions that authorities cryptocurrency associate with sanctioned entities and alleged criminal proceeds. However, the reported information does not identify which specific firms were involved in each category of activity.
ZachXBT Had Previously Called for Sanctions
The action also follows earlier public calls for sanctions against Iran-linked over-the-counter (OTC) brokers operating in Canada. Blockchain investigator ZachXBT said he had called for sanctions against the brokers five months before the Treasury action.
His earlier appeal and the November 6 sanctions are separate developments, but both concern concerns over Canada-based financial intermediaries allegedly facilitating transactions connected to Iran through digital assets.
Wu Blockchain reported the sanctions and the earlier comments from ZachXBT. The eight businesses named in the U.S. action include NIA Nations, Million Exchange, Amin Exchange and Farah Exchange.
Writer: Victoria Hale Technology & Blockchain Writer
Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.
She prioritises clarity and accuracy when explaining technical developments to a general audience.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
