The U.S. Treasury sanctioned eight Canada-based money services businesses on November 6, alleging they converted Iranian rials and other currencies into digital assets to move funds internationally for Iran-linked clients. The Friday action blocks covered property of the named businesses and restricts dealings involving U.S. persons, extending Treasury’s Iran campaign to cash-to-crypto intermediaries outside Iran.
The practical issue is identifying the companies behind the storefront names. Two designated businesses use Amin branding, while two others share Cryptoyal among their aliases. Screening only exchange brands or the published wallet addresses would miss part of the action.
Eight entities, overlapping names
Treasury said OFAC designated the businesses under Executive Order 13902 for operating in the digital asset sector of the Iranian economy. They are based in Ontario and British Columbia, not Iran. Their location does not prevent designation under that authority.
The eight names in OFAC’s November 6 SDN update are 1380079 BC LTD; 2397639 ONTARIO LTD; B GALAXY INC; CCC INC; DARVISH EXCHANGE; DIVERSE TRADE INC; NIA NATIONS CURRENCY LTD; and TOP PC TECHNICIAN INC.
Diverse Trade trades as Million Exchange. 2397639 Ontario trades as Farah Exchange. OFAC lists Amin Exchange Vancouver and Sarafi Amin as aliases for 1380079 BC, and Amin Exchange Toronto and Aminex Toronto for Top PC Technician.
Both B Galaxy and CCC have Cryptoyal and C Exchange among their aliases. Treasury says the two Ontario companies operate at the same location. Darvish Exchange also appears under Kanata MD Inc and Canada Exchange. These are eight designated entities, not necessarily eight separate consumer brands.
What Treasury alleges
Treasury alleges many of the businesses transacted with sanctioned Iranian exchanges or addresses associated with Iran’s Islamic Revolutionary Guard Corps. It says the businesses supplied financial channels for sanctioned entities by converting cash and other currencies into digital assets.
Its examples include alleged transactions between Amin Exchange addresses and Shelbit, between NIA Nations addresses and sanctioned Iranian exchanges, and between Darvish-linked addresses and Nobitex, Wallex, Aban Tether Exchange and Shelbit.
Treasury also alleges several businesses converted drug proceeds for Ryan Wedding before he was taken into U.S. custody in January 2026. Those are Treasury’s allegations; the designation release does not establish criminal convictions against these businesses. It supplies no aggregate transaction value for the eight-entity group.
What blocking actually requires
Property and interests in property of the designated businesses that are in the United States, or in the possession or control of U.S. persons, are blocked and must be reported to OFAC. Unless licensed or exempt, transactions by U.S. persons or within or transiting the United States involving that property are generally prohibited.
The ownership rule reaches beyond the published names. An entity owned directly or indirectly, individually or in aggregate, 50% or more by one or more blocked persons is also blocked. Control alone does not automatically trigger that ownership rule, although other sanctions criteria may apply.
That is not a statement that every asset worldwide has been seized or transferred to the government. Non-U.S. persons can also face sanctions exposure for certain dealings and must not cause U.S. persons to violate sanctions or engage in sanctions evasion. Nor does the release announce a Canadian asset-freeze order. Treasury says it coordinated with Canada’s FINTRAC, FinCEN and the DEA; coordination is not the same as a separate Canadian designation.
OFAC listed six Tron addresses across four entries: three for Amin Vancouver and one each for Farah, CCC and Million. The other four entries contain no digital-currency address. The absence of a wallet identifier does not undo an entity’s designation. A listed address is not proof that every associated transfer was illicit.
Not the MEXC order
The separate November 6 FinCEN action against MEXC Global uses section 9714(a) of the Combating Russian Money Laundering Act to prohibit funds transfers to or from MEXC by covered U.S. financial institutions. Treasury says that order takes effect 30 days after Federal Register publication.
As our MEXC order coverage explains, that measure is not an OFAC designation. Its alleged $16 billion in illicit flows is not a total for these Canadian businesses. The two actions belong to the same campaign but impose different obligations.
Responses and what comes next
No response to the designations was visible in the homepage content reviewed for Amin, Million, Cryptoyal, NIA Nations or Darvish. That limited check does not establish that the businesses have issued no response elsewhere, or confirm whether they are currently processing transactions.
The next useful developments are company responses, any separately announced Canadian action, and further OFAC updates. For counterparties, the immediate distinction is between the eight entity listings, their overlapping aliases and the smaller set of published wallets.
FAQ
Did Canada impose these sanctions? This is a U.S. OFAC action dated November 6. Treasury reported cooperation with FINTRAC, not a separate Canadian designation.
Are only the six wallets affected? No. The designations cover the named entities and qualifying owned entities, not just the published addresses.
Is this a criminal conviction? No. These are sanctions designations accompanied by Treasury allegations, not criminal judgments against the businesses.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
