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U.S. Sanctions Eight Canadian Businesses Over Alleged Iran Sanctions Evasion and Links to Ryan Wedding The U.S. government has imposed sanctions on eight Canadian money services businesses accused of helping Iran evade international sanctions, facilitating transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and laundering proceeds from drug trafficking, including money connected to Canadian fugitive Ryan Wedding. The U.S. Department of the Treasury announced the designations November 6 under an initiative called Operation Economic Outcast, targeting businesses accused of converting Iranian currency and cash into cryptocurrency to move money internationally. According to the Treasury Department, several of the companies conducted transactions with sanctioned Iranian cryptocurrency exchanges and digital asset addresses associated with the IRGC. The department also alleges that several businesses helped Wedding launder millions of dollars in drug proceeds before he was apprehended in January 2026. Wedding, a former Canadian Olympic snowboarder accused of leading an international drug trafficking organization, allegedly used money exchange businesses in the Vancouver and Toronto areas to launder billions of dollars in drug proceeds. Investigators allege couriers delivered bulk cash to the businesses, which converted the money into digital assets before transferring it overseas. The eight businesses designated by the U.S. Treasury's Office of Foreign Assets Control (OFAC) are: -Diverse Trade Inc., operating as Million Exchange, has listed locations in Richmond Hill, Toronto and Montreal. The Ontario-based money services business advertises exchanging Iranian rials for other currencies and managing digital assets. The Treasury alleges that cryptocurrency addresses associated with the company sent hundreds of thousands of dollars to addresses linked to the IRGC and other terrorism-related entities. It also accuses the business of using cash generated from drug sales to purchase cryptocurrency for drug dealers. Ryan Wedding allegedly laundered drug proceeds through the company and directed it to send certain digital assets overseas. -1380079 BC Limited, operating as Amin Exchange, has listed locations in North Vancouver and Montreal. The British Columbia-based business facilitates currency transfers between Iran and Canada, as well as the purchase and sale of digital assets. The Treasury alleges that cryptocurrency addresses associated with Amin Exchange received hundreds of thousands of dollars from Shelbit, a sanctioned Iranian exchange. The company is also accused of laundering millions of dollars in drug proceeds through locations in Toronto, Vancouver and Montreal. Its Vancouver operation allegedly laundered drug proceeds for Wedding by converting cash into digital assets and sending the funds overseas at his direction. -Top PC Technician Inc., operating as Amin Exchange, has listed locations in North York and Thornhill. The Ontario company is described as a closely associated affiliate of 1380079 BC Limited and also operates as a money services business under the Amin Exchange name. The Treasury identifies it as part of the Amin Exchange operation. -NIA Nations Currency Ltd., operating as NIA Nations Exchange, has listed locations in Vancouver and North Vancouver. The British Columbia-based business advertises digital asset exchange services and the ability to transfer money from Iran to Canada. The Treasury alleges that cryptocurrency addresses associated with the company conducted transactions with addresses linked to the IRGC and sanctioned Iranian cryptocurrency exchanges. -2397639 Ontario Ltd., operating as Farah Exchange, is listed in North York. The company advertises itself as an Iranian currency exchange operating in Canada, offering foreign exchange and digital asset services. The Treasury alleges that cryptocurrency addresses associated with Farah Exchange conducted hundreds of thousands of dollars in transactions with sanctioned Iranian exchanges Shelbit and Wallex. The company is also accused of sending thousands of dollars in digital assets to terrorism-related addresses and millions of dollars in digital assets to addresses associated with Wedding. -CCC Inc., which has listed locations in North York, operates a currency exchange and digital asset exchange business. Its website advertises the buying and selling of digital currencies and indicates that the company is licensed in both Iran and Canada. The Treasury alleges that a cryptocurrency address associated with CCC Inc. received hundreds of thousands of dollars in digital assets from addresses associated with terrorism. -B Galaxy Inc., operating as Cryptoyal, has listed locations in North York and Thornhill. The Ontario company operates a currency exchange and digital asset exchange business at the same location as CCC Inc. B Galaxy advertises the exchange of unlimited amounts of digital assets for Iranian currencies. -Darvish Exchange, with listed locations in Richmond Hill and North York, is an Ontario-based money services business that advertises the ability to exchange Bitcoin for Iranian rials. The Treasury alleges that a cryptocurrency address associated with the company conducted transactions with several sanctioned Iranian exchanges. The Treasury Department specifically identified several businesses as having facilitated money laundering for Wedding's drug trafficking operation. Million Exchange allegedly accepted cash generated from drug sales and used the proceeds to purchase digital assets that were subsequently sent back to drug dealers. Amin Exchange allegedly received drug proceeds in cash at its Vancouver location, converted the funds into digital assets and transferred them overseas at Wedding's direction. Farah Exchange was also accused of sending millions of dollars in digital assets to addresses associated with Wedding. According to the Treasury Department, Wedding worked with several of the designated businesses to transfer millions of dollars' worth of cryptocurrency before being taken into U.S. custody in January 2026. The U.S. Treasury said the designations were coordinated with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC), along with the U.S. Drug Enforcement Administration (DEA). U.S. Treasury Secretary Scott Bessent said Canada cannot become a safe haven for businesses providing sanctions evasion services to Iran and its proxies. "Treasury will pursue and disrupt the Iranian regime's financial channels anywhere in the world," Bessent said. The sanctions were imposed under Executive Order 13902, which targets key sectors of the Iranian economy, including its digital asset industry. As a result, the designated businesses have had their property and financial interests within U.S. jurisdiction blocked. U.S. individuals and businesses are generally prohibited from conducting transactions with them unless authorized by OFAC. The Treasury Department said the action forms part of a broader campaign to disrupt Iran's use of cryptocurrency to finance terrorism, human rights abuses and attacks against U.S. personnel and allies.