US Treasury sanctions eight Canadian money exchange firms over Iran ties

US Treasury claims firms helped sanctioned Iranian entities and handled funds linked to alleged drug trafficking boss.Published On 7 Nov 20267 Nov 2026The United States has imposed sanctions on eight Canadian currency-exchange businesses accused of helping Iranian entities circumvent financial sanctions.The US Department of the Treasury announced the measures on Friday as part of what it calls “Operation Economic Outcast“.Recommended Stories list of 3 itemslist 1 of 3The blame game: How the US midterm shock is shaping Israel’s race for PMlist 2 of 3Turkiye’s parliament ratifies Mecca defence agreementlist 3 of 3Who is Stephen Miller, Trump’s new White House chief of staff?end of listThe Treasury said some of the businesses also laundered their proceeds by converting Iranian rials and other currencies into digital assets such as cryptocurrency, adding that some of the businesses helped an alleged head of a drug trafficking ring.“Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies,” US Treasury Secretary Scott Bessent said in a statement.According to the Treasury, the businesses are based in On...