US sanctions eight Canadian firms over alleged Iran transactions

The U.S. Treasury on November 6 imposed sanctions on eight Canadian money-services businesses, alleging they facilitated transactions involving sanctioned Iranian entities. The designations block property and interests in property within U.S. jurisdiction and generally prohibit U.S. persons from dealing with the businesses, Treasury said.

The designated firms are Diverse Trade Inc., 1380079 BC Ltd., Top PC Technician Inc., NIA Nations Currency Ltd., 2397639 Ontario Ltd., CCC Inc., B Galaxy Inc. and Darvish Exchange. Treasury identified the businesses as based in Ontario and British Columbia. Some operate under names including Million Exchange, Amin Exchange, Farah Exchange and CryptoYal.

Treasury alleged that some firms converted Iranian rials or other currencies into digital assets and transacted with Iranian cryptocurrency exchanges already under U.S. sanctions. It also said some transactions involved digital-asset addresses linked to Iran’s Islamic Revolutionary Guard Corps. The allegations are government claims; the reports did not include responses from the designated businesses.

The sanctions apply to property and interests in property under U.S. jurisdiction, which...