Summary

  • The US Treasury said it imposed sanctions on eight Canada-based cryptocurrency exchange businesses accused of helping Iran evade financial sanctions.
  • The sanctions restrict the exchanges’ access to the dollar-based financial system.
  • The US Treasury said it found signs that some of the sanctioned businesses changed their names and addresses to avoid regulatory scrutiny.

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The US Treasury Department has imposed sanctions on eight Canada-based exchange businesses accused of helping Iran evade financial sanctions.

Cointelegraph reported on November 7 that the Treasury said the businesses facilitated transactions involving Iranian cryptocurrency exchanges under US sanctions, as well as crypto addresses linked to Iran’s Islamic Revolutionary Guard Corps, or IRGC.

The sanctions restrict the firms’ access to the dollar-based financial system.

“Canada must not become a safe haven for illicit financial intermediaries that assist the Iranian regime and its proxies in evading sanctions,” US Treasury Secretary Scott Bessent said. He added that the US would track down and disrupt the Iranian regime’s funding channels wherever they operate.

The action was taken in coordination with FINTRAC, Canada’s financial intelligence agency. The Treasury also said it found signs that some of the sanctioned businesses changed their names and addresses to avoid regulatory scrutiny.

Uk Jin