KABUL (Pajhwok): The US Treasury Department has sanctioned eight Canadian currency exchange firms, accusing them of helping Iranian entities evade US financial restrictions and laundering proceeds linked to Ryan Wedding, a former Olympic snowboarder accused of leading a drug trafficking network.
CBC News reported that the sanctions, announced on Friday, target businesses operating in Ontario and British Columbia.
According to the Treasury Department, the firms provided financial services to Iranian entities, including converting Iranian rials and other currencies into digital assets to circumvent US sanctions.
US Treasury Secretary Scott Bessent said: “Canada cannot be a safe haven for illicit financial facilitators that provide services to the Iranian regime and its proxies to evade sanctions.”
The department said the action was part of Washington’s efforts to cut off financial channels supporting the Iranian government and the Islamic Revolutionary Guard Corps (IRGC).
The eight sanctioned firms are Diverse Trade Inc., operating as Million Exchange; Top PC Technician Inc.; 1380079 BC Limited, operating as Amin Exchange; NIA Nations Currency Ltd.; 2397639 Ontario Ltd., operating as Farah Exchange; CCC Inc.; B Galaxy Inc., operating as Cryptoyal; and Darvish Exchange.
The Treasury Department said some of the companies had changed their names and addresses to avoid detection.
The sanctions freeze any assets the companies hold under US jurisdiction and generally prohibit US citizens and entities from conducting transactions with them.
The department also accused three of the firms of helping Wedding launder money by converting large amounts of cash into digital assets and transferring millions of dollars abroad before his arrest in January 2026.
CBC News said it had contacted Wedding’s lawyer for comment but received no response before publication.
The sanctions come amid the Trump administration’s efforts to increase economic pressure on Iran and disrupt financial channels supporting its government.
hz/sa
