The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) designated eight money services businesses based in Canada. Treasury said they helped Iran’s regime, sanctioned entities associated with it, and other illicit actors move assets into and out of Iran.
The companies exchanged Iranian rials and other currencies for digital assets to facilitate international transactions involving Iran, the department said. Many also transacted with sanctioned Iranian digital asset exchanges and addresses associated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
The designated businesses are Million Exchange, 1380079 BC Limited, Top PC Technician Inc, NIA Nations, Farah Exchange, CCC Inc, B Galaxy Inc, and Darvish Exchange. The designations were made under Executive Order 13902, which targets sectors of Iran’s economy including digital assets.
